COVID Testing SME Resilience
The COVID-19 pandemic has turned the world on its head and created immense challenges for businesses. Businesses have had to close for long periods, lose staff and their customers and it is therefore no surprise that many companies went bust.
It is true that the situation is looking brighter now and many experts the economic return will be faster than originally thought, but it is important to be aware that there are still challenges ahead and the impact of the pandemic will be felt for some time. In fact, the FSB warns that at least 250,000 small businesses could be forced to close in 2021.
More Support Needed
Mike Cherry, the National Chairman of the FSB believes that the development of business support has not kept pace with intensifying restrictions which will create an unmanageable situation for a huge amount of small businesses moving forward even with the economy reopening. Clearly, this means that it is vital that further restrictions are not imposed in the coming months.
The Economic Recovery
It is understandable why confidence would be low amongst small businesses after such a difficult period, but there are steps that companies can take which will hopefully help them to kickstart their recovery and benefit from the boom which many experts predict will be the biggest seen since the end of WW2.
Make Improvements Now
Many businesses do not find themselves in a particularly strong position and are in need of fixing up, which is why taking out business loans could be a smart idea (especially with interest rates so low). Taking out a business loan now could allow a business to make the improvements that are needed to revive the business and get it up and running again for the economic boom. Even for those that have managed during COVID-19, now could be a good time to take out a loan to grow the business and make adaptations so that you can thrive in a post-pandemic marketplace.
Adjusting to the New Normal
It is also important for businesses to understand that times have been changed and you will need to adapt in order to survive in a post-pandemic marketplace. Many businesses plan to continue with remote work or adopt a hybrid model, you will need to utilize contactless technologies and ensure that your customers feel safe even when the pandemic has ended – many consumers are still very cautious and this will not immediately disappear.
It has been a devastating 18 months for businesses with many forced to close for good, but there could be many more that are forced to close in the coming months without sufficient financial support. There are brighter days ahead for businesses, but there is still a lot of work that needs to be done and companies will want to be in a strong position for the start of the economic recovery.