The Covid-19 pandemic has caused a great deal of concern for British SMEs with one in five saying that they have considered closing and nearly two thirds have seen a decline in revenue. 19% have said that they made no profit at all.
This has had a huge impact on business owners with two thirds saying that the effect of the pandemic on their business has had a detrimental effect on their mental health.
However, despite gloomy economic forecasts, as lockdown starts to ease, many SMEs are starting to feel more confident with three quarters of business owners saying that they feel more positive about the future than they did a month ago.
There are a number of ways that businesses can prepare for a brighter future that should help them bounce back and get their businesses back on track.
Look for new ways of doing things
Many businesses realised that they would need to change the way they worked to be able to get through the pandemic. Many switched to digital and online processes, Zoom calls and online ordering and delivery. As we return to a new normal, there’s the chance to look at old ways of working and the ways that were necessarily introduced and put a strategy together that harnesses both approaches to make sure you’re prepared for a brighter future.
A new outlook
With many SMEs showing optimism in their adaptable and resilient attitudes, it’s a good time to look at new opportunities that have presented themselves as a result of the pandemic. With people getting accustomed to new ways of working it’s a chance to review processes and develop a long-term plan.
Now is a great time to get expert advice on how to look forward beyond the pandemic and plan for the future. If you’re looking for tips and advice from expert business consultants and accountants Chippenham based Chippendale and Clark can help you gather data and insights from your business and help you plan for the future.
While the pandemic has put many SMEs under a great deal of strain, with the right help and advice, you can take this as a great new opportunity to examine all your business processes. This is your chance to not only get your business back on track, but in the long term, increase its efficiency and productivity.