A post Covid Boost of Britain’s Love for Small Businesses
The speed and entrepreneurialism with which many small businesses have responded to the crisis has received widespread recognition, with 45 per cent developing new products and services, such as takeaway services, virtual consultations, click and collect and deliveries.
Many of the changes instigated by small businesses have involved digital transformation, with over half (51 per cent) pivoting to online to engage with customers more, 45 per cent selling online more and 25 per cent reporting an increase in the use of contactless payments. As a result of this 46 per cent expect their use of digital to increase in the future.
Over half (55 per cent) see the business changes they have made in the crisis as positive and 19 per cent actually expect their revenues to increase. Despite these positive indicators, many small businesses still feel very uncertain about the future. A significant proportion, 70 percent admitted they expect to have to return to lockdown at some point in 2020. While this would represent another major challenge for businesses, a third (35 per cent) feel far more prepared for this eventuality than previously.