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One third of Russian companies had financial ‘safety cushion’ by pandemic start — poll

The majority of entrepreneurs had no savings by the pandemic start

© Alexander Demianchuk/TASS

MOSCOW, August 31. /TASS/. Just one third of Russian companies had a financial ‘safety cushion’ by the start of the COVID-19 coronavirus pandemic, according to the poll performed by NAFI Analytical Center in August, available with TASS.

According to the research, the majority of entrepreneurs (62%) had no savings by the pandemic start. Each third representative of the business (32%) informed that his or her company had certain savings and financial reserves. The majority of business representatives (81%), whose companies had reserves by the start of the pandemic, believe their amount is insufficient to tackle pandemic-related challenges.

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The ‘safety cushion’ of companies is small. 19% among those having it indicated that financial reserves will be enough for less than a month in case the company loses all other revenues; 39% say that savings will cover not more than 3 months. At the same time, 24% informed that company’s savings will cover up to 6 months of operations and 6% - up to 12 months.

The majority of businessmen (79%) reported the decline in the demand for their goods and services during the pandemic periods. Entrepreneurs working in the trade sector (88%) more frequently informed about the shrinking demand. Each fifth of polled persons said the demand during the pandemic period has not actually changed.

54% of entrepreneurs believe it will take 12 months or more for the demand for their goods and services to recover. Each fifth (22%) believes the demand will not recover earlier than in six months. Each tenth finds it difficult to answer.

Entrepreneurs used different ways of reducing costs in the challenging economic situation. 42% of the polled persons slashed marketing and advertising costs. One third of companies streamlined their staff. 26% reduced salaries and wages. 22% opted not to continue renting offices.

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