UNPRECEDENTED seems to be the go-to word for summing up this strange, unsettling and, for many, desperate period of turmoil that we are currently experiencing. While the result of a snap poll the Chamber undertook across its network last week shows a significant impact has already been felt by businesses of all sectors and sizes in the UK, my hope is that resilient is the word which comes to the fore as we continue to work through this crisis.

More than 600 businesses took part in the survey, with a majority reporting a significant decrease in their revenue from both the UK and overseas. Of most concern is the impact on business’s cash flow, an important indicator of overall economic health. Indeed 18 per cent reported less than a month’s worth of cash in reserve, while 44% reported only one to three months’ worth of cash in reserve. Only 6% of respondents reported over 12 months’ worth of cash in reserve.

Following the government’s pledge to cover 80% of a furloughed employee’s salary up to £2,500 a month, 32% of respondents said that they were planning to furlough between 75 to 100% of their workforce over the next week. More than a quarter of firms (26%) were not due to use the scheme in the next week.

A majority of businesses have also embraced the changes in working culture, with two thirds of respondents (66%) using remote working and half (50%) using video conferencing. However, 18% of businesses had closed operations temporarily and, although no respondents had yet closed business operations permanently, both figures are expected to rise over the coming weeks and months.

Encouragingly, most businesses reported awareness of the government’s recent support schemes to help mitigate the impact of coronavirus. 61% knew details of the business rates holiday for the retail, hospitality and leisure sector; 59% knew details of the Coronavirus Business Interruption Loan Scheme; and 57% knew details of the Statutory Sick Pay refund. The percentage of firms actively in receipt of this support was low but this is expected to rise in the coming weeks.

Overall, while businesses have welcomed the unprecedented size and scope of the government support packages, these findings highlight the urgent need for that support to reach businesses on the ground as soon as possible. The majority of firms cannot wait weeks or months for help to arrive.

It is increasingly evident that we are in this for a longer haul than many had first predicted – or hoped for. As Chambers, we serve as a barometer of business’ response to the government’s measures and changes to business’ working practices and we are laser-focused on making sure government interventions are introduced to deal with the real-world impact of this crisis; and that support is getting to the businesses at the front line.

One role that must be scrutinised harder is that of the banks in supporting the business community. The success of the Coronavirus Business Interruption Loan Scheme will depend on the strength of banks' support for businesses during the pandemic.

It is no exaggeration to say that the decisions taken over the coming days and weeks at great pace by governments, by banks and by companies themselves will shape the UK economy for decades to come.

The banking industry has an important opportunity to demonstrate that it is there for our business communities when needed most – and to build confidence that the transmission mechanisms for the massive package of assistance announced by the government and the Bank of England can work.

It is quite clear that our capacity to recover from this difficult period, to be resilient, relies on everyone playing their part.

Russell Borthwick is the chief executive of Aberdeen & Grampian Chamber of Commerce