The survey found that whereas larger businesses fared better after the lockdown, with 43% of their owners saying they are “not well” or “not very well”, smaller businesses were not so lucky. More than 70% of micro businesses, which have an annual turnover of less than R5-million, gave this answer.
The Ipsos survey also noted that more than half of business owners used their personal savings to keep their companies running and 36% had to revise their company spending to reduce expenses. About a quarter of businesses had to let workers go, stating they could not pay their suppliers or accounts.
Ipsos also asked business owners about the lessons they learned because of the pandemic. The top lesson, cited by 42% of the business owners, was to save in case of an emergency. Businesses have also had to change the way they conduct marketing, with fewer of them relying on word of mouth after the lockdown. There was a 7% decline in businesses owners putting down “word of mouth” as a key marketing strategy after the lockdown, although this type of marketing still remains the most used. There was a 12% increase in businesses using websites for marketing.
The SMMEs said they still required advice on how to cope with the financial blow dealt by the pandemic. According to the survey, 20% of business owners said they needed advice on how to access relief funds and 19% said they needed access to emergency loans.
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