The economic realities brought on by the pandemic are negatively impacting revenue growth for many small and medium-sized businesses (SMBs). According to May 2020 data from McKinsey, 80% of UK SMBs saw revenues decline during the coronavirus pandemic—nearly four times the pre-pandemic amount.

“Apart from a few businesses like grocery retailers, the pandemic wrought havoc on companies’ bottom lines,” said Bill Fisher, eMarketer senior analyst at Insider Intelligence. “Big companies weren’t immune either, with some of the UK’s biggest names across industries announcing severe staff cuts following pandemic pressures.”

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