Business Advisors prove vital to Small Businesses: 2020

Vivid Partners
Feb
12
2021

Amongst the widespread economic turmoil brought about by COVID-19 lockdowns, small businesses faced quite a few hardships to keep afloat. A survey of around 1,500 small to medium enterprises conducted by Scottish Pacific Business Finance (ScotPac) shows that, advisors such as accountants have supported those business a fair bit during this period. It reveals that about 54 percent of them contacted their advisors almost 53 times on average during the last financial year. 

A staggering number of 81 per cent of the participants described that the assistance they received had constructive impact on their businesses according to ScotPac’s SME Growth Index.  

The top positive impacts they experienced were: 

  1. Cost reduction (63 per cent) 
  2. Assisting to access government support and stimulus measures (37 per cent) 
  3. Reaffirming in the overall direction of the business (28 per cent) 
  4. Improving relations with the customers (18.5 per cent) 
  5. Helping with accessing further funds (18 percent) 
  6. Assisting in negotiations with the Australian Taxation Office (10 per cent) 
  7. Aiding in sale of assets (8.3 per cent) 

At Vivid Partners, we are proud to have supported our clients through the difficult times presented by COVID-19 and are thankful to all our clients for reaching out to us to seek help.  

 

Please feel free to contact your trusted advisor at Vivid Partners should you have any questions about how these measures will affect you.

Vivid Partners
08 6270 2876
info@vividpartners.com.au

The material contained in this publication is for general information purposes only and does not constitute professional advice or recommendation from Vivid Partners. Regarding any situation or circumstance, specific professional advice should be sought on any particular matter by contacting your advisor at Vivid Partners.

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