The lockdown saw small and medium-sized businesses struggle during the months of April and May. Many enterprises that could not adapt to the lockdown relied on the government's initiatives to help them weather the storm.
Whilst sales dropped off, new data from PoweredNow today shows that many business owners are poised to bounce back in the coming months.
For the Building and Construction trades, SMEs in the sectors are showing signs of growth and the balance sheets returning to pre-lockdown levels.
Based on study of 1079 SMEs across all trade sectors, there were 179 of which that were in Building and Construction. The total sales by month for 2020 were as follows:
Perhaps more interestingly, the statistics from Building and Construction SMEs that had figures available for both 2019 and 2020, show that the sector, despite Coronavirus, has not gone into decline, with sales figures for the first half of both respective years equating to £7.4 million.
2019 vs. 2020
January 2019 - £1.1m
January 2020 - £1.2m
February 2019 - £1.1m
February 2020 - £1.8m
March 2019 - £1.4m
March 2020 - £1.4m
April 2019 - £1.3m
April 2020 - £0.6m
May 2019 - £1.4m
May 2020 - £0.8m
June 2019 - £1.1m
June 2020 - £1.7m
Benjamin Dyer, CEO of Powered Now - an innovative off and online back office solution for small trade businesses - has commented on the data:
"Whilst it is true that many small and medium-sized enterprises and tradespeople have faced significant challenges during the lockdown, this data gives us reason to be optimistic. Many companies quickly adapted to the shutdown, finding ways to operate and prosper, whereas other took full advantage of the government's economic care package. Either way, the consistent growth since the initial downturn at the start of lockdown shows the resilience of many innovative SMEs.
The government's economic response helped buoy SMEs during the economic downturn, which can now begin trading again as lockdown regulations ease. This bodes well for the future, showing that Britain's entrepreneurial spirit is still very much alive in the wake of the pandemic."