BRITISH business is getting back on track – with resilient entrepreneurs up and down the country showing signs of recovery after overcoming the obstacles of the Covid-19 pandemic.
The past two years have seen half of small businesses suffer significant financial setbacks, with 54 per cent having to introduce new emergency revenue streams to survive the winter months after Omicron and supply chain troubles.
But according to a new ‘How to Recover’ report from Small Business Britain and TSB Bank, four fifths (86 per cent) of entrepreneurs are fighting back and believe their business will survive this year, despite half admitting financial stability has taken a hit.
Two thirds (66 per cent) of business owners are also optimistic that they will grow in 2022 – and Small Business Britain has launched an eight-step plan to help businesses rebuild and combat challenges.
Michelle Ovens, founder of Small Business Britain, said: “The last two years have brought a rollercoaster of fortunes for small businesses. Each time it seems a corner has been turned, another hurdle has arisen.
“It is incredible how small businesses have used their entrepreneurial instincts to dig deep and keep going. But keep going they must!
“With the right mindset and the help of support networks, innovations like technology and new products and services, small businesses can make it through this crisis and be well positioned for recovery.”
The guide includes embracing a growth mindset, with an openness to adapt, embrace change, and try new things to overcome crisis – something that has led half of small businesses to adopt new innovation, technology and skills to get through the troubling year, as 49 per cent also used government grants to keep their businesses stable.
Adopting new technologies to connect to a digital audience and build skills can also increase revenue and boost productivity, while flexible businesses that are prepared for any situation with back-up plans in place are more likely to survive an unpredictable economy.
And while the pandemic has posed a challenge for the whole of the business world, Small Business Britain encourages businesses to invest in core areas for future growth where possible, and to make sure mental health remains a priority for business owners.
Business Minister Paul Scully said: “Following a challenging two years for businesses, during which the government has offered an unprecedented £400 billion package of support, I am pleased that two-thirds of firms expect to grow this year.
“The government is doing everything it can to bolster small businesses with schemes like Help to Grow giving business leaders the expert management training and digital skills they need to boost their performance and profitability.”
To aid a quicker recovery, Small Businesses have been urged to take action where they have unpaid invoices. The benefits of using a debt collection agency to collect unpaid debts can save time, money and stress.
Hundreds of thousands of SME’s reap the rewards from collaborating with a debt collection agency every year.