Pandemic boosts UK’s love for small businesses

The research from Small Business Britain and BT Skills For Tomorrow – which polled more than 1,000 firms in Small Business Britain’s community – found that the pandemic has highlighted and reinforced the sector’s key role at the heart of communities and the economy.

The speed and entrepreneurialism with which many small businesses have responded to the crisis has received widespread recognition, with 45% developing new products and services, such as takeaway services, click-and-collect, and deliveries.

Many of the changes made by small businesses have involved digital transformation, with 51% using online to engage with customers more, 45% selling online more, and 25% reporting an increase in the use of contactless payments. As a result of this 46% expect their use of digital to increase in the future.

More than half of respondents see the business changes they have made in the crisis as positive and 19% expect their revenues to increase.

However, many small businesses still feel very uncertain about the future. A significant proportion – 70% – admitted they expect to have to return to lockdown at some point in 2020, but a third feel far more prepared for this eventuality than previously.

More than 41% expect their revenues to drop by 50% or more and 53% still lack confidence about their business’s future.

Michelle Ovens, founder of Small Business Britain, said: “Small businesses across the UK have played a very special and important role throughout this crisis, supporting communities. The fact that over two-thirds are feeling increasing recognition and affection from the public is testament to this. However, our data also shows the major uncertainty still out there, so this sector still massively needs our support. While so many small businesses have taken the opportunity to strengthen their digital skills and transform, it’s really important that we continue to help more firms to build the agility and resilience they need for the future.”

Small Business Britain is continuing its free ‘Back to Business’ programme, which will include a summer-long programme of workshops, advice, and support to help small businesses recover and move forwards.

In addition, BT’s Small Business Support Scheme, by offering a series of free digital skills webinars specifically designed for small businesses, to help them make the most of technology and navigate through these challenging times. Other support on offer ranges from mentoring, tech start-up bursaries to access to high speed-connections.