how business can bounce back from the Covid slump
The coming year will throw up unique challenges for SMEs –
but, say these advisers, after 2020 brought its own rapid change
and pivoting, many are better prepared for it
It’s been a tough time for business – but new ways of working developed by small and medium-sized enterprises (SMEs) to cope with the Covid-19 crisis could help many bounce back more strongly than ever, business advisers believe.
New technologies, innovation and more flexible working practices will all help small businesses return to growth.
“We have had a year of seismic change, but many smaller businesses have adapted remarkably well,” says Michelle Ovens, the founder of Small Business Britain, a group that works to promote and support the UK’s 5.8 million SMEs. “Smaller businesses have faced some of the toughest impacts of the Covid-19 crisis, but they also have an advantage – their agility and adaptability can help cope with unpredictability.”
Ovens believes the crisis has seen many small businesses discover their own abilities to take a creative and innovative approach to problem solving, and that this now leaves them well placed to navigate future uncertainty. “The key is to take advantage of that nimbleness,” she says. “Be prepared to roll with that uncertainty – to think about what you can do each day to work with new people, to support the wider community and to attract new customers.”
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‘It has been digital tools and skills that
have enabled small businesses to survive
and prosper through rapid change’
Illustration: Eliot WYATT/NB Illustration for Bridge Studio
Click and connect: Rachel Wilkins, of Dell UK, champions the smart use of technology
The Covid-19 crisis has been full of examples of small businesses that have done just that, changing the way they work in order to navigate the problems thrown at them, or have even changed their whole business model. Some firms have moved to selling almost entirely online – in consumer-facing industries such as retail and hospitality, but also in business services. Others have moved into new products or services; from whisky producers that began making hand sanitiser to automotive suppliers that produced ventilators and personal protective equipment.
“Very often it has been digital tools and skills that have enabled small businesses to survive and prosper through rapid change,” Ovens says. This has been crucial in staying connected with customers, but also in powering the shift to working from home that the crisis has required.
These will be enduring shifts. “Small businesses, even the most local firms, are realising this is where their customers are to be found, whether they’re serving consumers or other enterprises,” Ovens says. “They have discovered a new way to build relationships with their customers and to work effectively wherever they happen to be. That is translating directly into sales.”
Looking forward, beyond the crisis, these evolutions will enable small businesses to succeed in a commercial landscape that looks to have changed for good. Many will continue to serve their customers in new ways – and to offer their staff greater freedom to choose where they work from.
‘There is never a good time for a crisis, but
technology has enabled us to cope much better
than we would have done even a few years ago’
Rachel Wilkins, the marketing director of Dell UK, says it is the businesses making smart use of technology that are coping with uncertainty most proficiently – and will reap the greatest benefits in the future.
“There is never a good time for a crisis, but technology has enabled us to cope much better than we would have done even a few years ago,” she says. “Wifi connections are stronger, the mobile networks are launching 5G and there are so many ways to stay connected; video makes it possible to have those face to face conversations that are so important.”
Wilkins says the IT industry has done its best to support smaller businesses adapting to these new ways of working.
Dell, for example, has launched payment plans to help companies manage the upfront cost of new technology, and even allows customers to rent rather than buy; it also provides round the clock support so businesses can get up and running – and stay there.
The cost and time involved in technical innovation may still be significant and daunting. However, the investment will generate returns both in the short term and over time.
Rachel Wilkins, the marketing director of Dell UK, says it is the businesses making smart use of technology that are coping with uncertainty most proficiently – and will reap the greatest benefits in the future.“There is never a good time for a crisis, but technology has enabled us to cope much better than we would have done even a few years ago,” she says. “Wifi connections are stronger, the mobile networks are launching 5G and there are so many ways to stay connected; video makes it possible to have those face to face conversations that are so important.”Wilkins says the IT industry has done its best to support smaller businesses adapting to these new ways of working. Dell, for example, has launched payment plans to help companies manage the upfront cost of new technology, and even allows customers to rent rather than buy; it also provides round the clock support so businesses can get up and running – and stay there.The cost and time involved in technical innovation may still be significant and daunting. However, the investment will generate returns both in the short term and over time.
‘Small businesses are resilient,
and they have done some amazing
and inspiring things’
At a basic level alone, research from Intel shows employees are wasting 11 hours over the course of a whole year booting up their old PCs, and dated computers reduce staff’s productivity by up to 29 per cent. Whereas faster running, up to date technology can ensure small businesses are able to collaborate more effectively and take advantage of emerging areas such as artificial intelligence and data analytics.
“Covid-19 has changed everything, including the way that businesses are run,” says Michael Nordquist, a senior director at Intel. “PCs have become crucial to maintaining business continuity as the needs of the virtual office rapidly shift; machines with powerful processors help address multiple priorities at once, keeping the business running smoothly by harnessing impressive levels of connectivity, productivity, and intelligent performance.”
None of which is to underestimate the difficulties facing small businesses in the current climate. But many firms are recognising that new technologies, when combined with
fleet of foot management, can be hugely powerful. Indeed, smaller firms are often able
to move much more quickly, trialling new approaches and different products and
services without having to wade through the red tape that so often slows down
larger organisations.
“It’s been a terrible year, but small businesses are resilient, and they have done some amazing and inspiring things,” Ovens says. “This move to become more digital has been a hugely positive phenomenon and it will keep paying dividends.”
Backing business: Michelle Ovens founded Small
Business Britain
