I hope that lessons will be learnt from this. Will there be a shift in the ‘want’ and ‘get’ mentality? Will we have “rainy day” savings as opposed to a shiny new car? Will there be more strategies to build reserves in businesses? Cash is absolutely king at the moment. Whilst in the form of debt, there is the option of taking advantage of loans (bounce back or CBILs) and there has been the option to defer VAT. This may just be a saving grace for those working capital pinch points. If any loans / deferrals are not needed, they can always be repaid.
What I love about working with SMEs and entrepreneurial business owners is the way that they adapt to different scenarios and fight. It is time to remain positive and to try and switch off from the media. SMEs will grow again and may even come back stronger than ever.