Study Shows Significant Effects of Covid on Small Firms in Slovenia

By , 17 Sep 2020, 12:12 PM Business
Study Shows Significant Effects of Covid on Small Firms in Slovenia pixabay.com, RoadLight, CC-by-0

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STA, 13 September 2020 - The Covid-19 epidemic has greatly affected small businesses. The biggest changes, according to respondents in a survey by Mastercard, were in orders. Many also face liquidity problems, payment delays, difficulties in supplying materials, and changing customer expectations regarding prices.

As many as seven out of ten small businesses said that they face liquidity problems as a result of the Covid-19 epidemic at least occasionally, and 36% of them were already looking for credit options to overcome their problems.

When asked about how they plan to overcome liquidity problems, the opinions were divided - 23% would opt for a loan, 27% for a credit card limit, and half of the respondents are still undecided.

When asked about changes and adjustments to their operations, two-thirds of respondents said they had bought masks, disinfectants and other protective equipment, and just under a third had obtained financial assistance from the state.

Many also sought the advice of their peers and others in the industry, and almost a fifth attended online seminars and trainings, according to a survey of 459 members of the Chamber of Trade Craft and Small Business of Slovenia, conducted by Mediana in August.

Thirteen percent of the respondents decided to establish new or supplement existing sales channels, and only 7% said they had added new payment options.

The study has shown that more and more customers demand the option to pay by card. As many as one-fifth of the respondents said that customers had called in advance and enquired about the possibility of paying by card, and three out of ten customers actually refused the service because it was not possible.

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