DMA research: Just a quarter of businesses confident they can continue for six months in current climate
The Data & Marketing Association (DMA) has revealed the results of its first Coronavirus Survey, revealing that the current economic situation is dire for most businesses - only a quarter of whom can continue for six months at their current level.
As a result, the DMA is calling on the Chancellor of the Exchequer to address key concerns, extend the job retention scheme to six months, and ensure businesses have additional financial support.
A third of businesses (34%) are completely unsure as to how long they can continue operating at their current rate of work. 22% are of the opinion they can keep going for less than three months, dropping to 18% who believe it's up to six months. Even at limited capacity, only 25% believe they can keep going for longer than six months.
63% of businesses confirmed that they are definitely or likely applying for at least one governmental support initiative - with 54% hoping to defer VAT payments, 46% looking at the job retention scheme, and 40% interested in the time to pay solution.
But it's not all bad news - since most staff have the necessary technology to make working from home both easy (94%) and productive (93%), and are confident that their company's leadership is committed to putting their health first (92%).
Chris Combemale, CEO of the DMA, said: “It’s clear from these results that many businesses in our community have already seen a dramatic reduction in revenue, as many companies across the economy will have in recent weeks. The unprecedented government response has been welcomed by our members, who are taking full advantage of the support provided.
"Ahead of the Chancellor’s speech later today, there’s still much more to be done to secure the future of the small and medium-sized businesses throughout the UK. To support the data and marketing industry, the DMA is calling for an immediate extension of the job retention scheme to six months, which is essential as it will take months after the lockdown is over for revenues to return to normal. Our members also require urgent relief on business rates for the offices that are completely empty while 95% of our industry is working from home.”