We have to applaud Yoco not only for giving away money to SMEs in need (you should really follow the firm on Twitter) but also for giving us a better understand of how SMEs have been impacted by lockdown.
Early at the start of the lockdown last year, Yoco launched the Small Business Recovery Monitor which tracks revenue for its customers and compares this to pre-lockdown data.
While it is limited to Yoco customers, in 2019 the firm reported it had 50 000 customers so the monitor provides a nice snapshot of how SMEs across a variety of sectors, are performing.
January was tough as it is most year but this year a more strict level three lockdown meant that this year started with more worry than hope.
Yoco’s data shows a rapid decline in sales when the calendar rolled over but the good news is that things appear to be on the up.
Valentine’s Day at the weekend helped things along by pushing Total Processing Volume (TPV) across all provinces hitting the 90 percent mark, on average TPV was at 100 percent across the country.
The day for lovers was also good for the Food and Drink industry. Yoco reports that TPV for the sector peaked at 115 percent, the highest above 100 percent seen since December 2020.
“One of the characteristics of doing business during the pandemic has been a depression in TPV over the weekend which was formerly a busier time for most small businesses This trend has remained in place on ‘normal’ weekends, however Valentine’s Day weekend showed an improvement across the board,” Yoco said in a email update.
The retail sector is seeing some strong recoveries as well with TPV at 90 – 100 percent of what it was during the week pre-lockdown.
Things are looking good but we constantly have that nagging feeling in the back of our minds that all it takes to undo this progress is another harsh lockdown.
For that reason we remind our readers to be safe. Wash your hands, maintain social distancing and wear a mask so that it covers your nose.
If infections climb government has to take action and unfortunately, SMEs may not survive another hardcore lockdown.
[Image – CC 0 Pixabay]