As lockdown restrictions around the UK are easing, businesses are taking steps on the road to recovery. The coronavirus (COVID-19) pandemic has impacted companies of all sectors and sizes, so the chance to revive operations and look to the future is a welcome shift for millions of small and medium-sized enterprises (SMEs).
While many businesses haven’t been able to function as normal due to the pandemic, and tough decisions have been made, that hasn’t stopped them from adapting.
From finding new markets to pivoting and offering new products and services, businesses have sought to find fresh opportunities to reach customers and keep moving.
But what does the future look like for SMEs in the UK? What challenges will they face and what steps will they take to overcome them?
These questions and more are answered in a new research report by Sage – Survival, resilience and growth: Placing small businesses at the heart of the UK’s economic recovery.
Key take always include-
- Resilience is going to be as important as growth to the recovery. Not all SMEs, only 54%, are prepared for further potential shocks or challenges, including cash flow/liquidity problems, disruptions in the supply chain, and legal and regulatory changes.
- 80% of businesses think that technology will be very or somewhat important in restarting their business.
- 33% of businesses are actively planning investment in technology.