The global pandemic has heavily impacted businesses worldwide. Lockdowns, restrictions and economic turmoil has seen many companies pivot, and others fold. Even with government provision such as grants, schemes and bounce back loans, it’s been a tough year for many.
As Addition are financial allies to over 150 SMEs, we witnessed first-hand the struggles and challenges our clients faced during Covid. We were keen to raise awareness on these key issues, which is why we commissioned an independent survey to highlight how businesses managed through the pandemic – and what their goals and concerns are for the next 12 months.
Over 1000 UK business leaders across the country took part in our survey. The results highlighted a mix of responses from various demographics in the SME community. As we examined the responses, we noticed a steady theme across all topics.
Companies with female leaders were financially stronger, less reliant on government support and less concerned about cash flow issues in the next 12 months than male respondents.
Here’s an overview of our most impactful findings about women business leaders in Covid:
1. 40% more male business owners than women owners had cash flow issues during the pandemic
2. Just 15 % of female owners needed a government grant to survive – as opposed to 25% of male owners.
3. 23% of women had to make redundancies during Covid – still 3% less than their male counterparts (26%)
4. Only 18% of female owners agreed that navigating Brexit issues was an issue – 2% less than men.
The data also highlighted that male business leaders needed government support more than female owners using more Bounce Back Loans, Government Grants and the Furlough Scheme. In fact, a quarter (25%) of all male run businesses required a government grant to survive compared to only 15% of female owners.
Of course, there are many factors that could be influencing these outcomes. For more insight on this, as well as comments from UK female founders, download the full report!