It’s been a real tough time for small businesses since the pandemic hit back in March 2020. After the recent news from the UK government that we are heading for better days with all restrictions being lifted, it’s the news that all SME businesses have been waiting for. With the light at the end of the tunnel in sight, small businesses can now start planning for the future.
SME Businesses predict a growth rate of 8.1 per cent for 2021
Having read @Barclaycard’s recent SME Barometer, here at Zoo Accounting, Alcester we are really encouraged by the general feeling of positivity among the UK’s small to medium businesses. The survey revealed that a quarter of UK small businesses claim that their output has already surpassed, or returned to, the pre-pandemic levels first seen at the start of 2020.
Touching on the lifting of lockdown, the resulting return to normality and the UK’s departure from the EU, the report’s key takeaways also include:
SME optimism around employment opportunity, with 30% expecting the number of full-time employees they have to increase over the course of 2021. The positive impact of digital transformation: many view technology as the top opportunity for growth over the next year’
A good outlook overall and one we weren’t guaranteed to have.
With all this good news surrounding us, our advice for SME businesses is to keep your wits about you and whilst taking very opportunity for growth that comes, you should also be vigilante and prepare for a downturn too. Our natural perception to the restrictions easing is that everything will go back to how they were before the pandemic hit, but in reality, it may be a while before all businesses fully recover.
Most SME businesses have completely revolutionised the way they operate. After speaking with a small barbers in Redditch, 90% of their custom is now from digital bookings due to having to switch to this system to abolish the waiting area within the salon. After using their new online booking system helped by Fusion Creative Redditch , they only wished that they had switched years ago. The new system not only helps to plan the week but they can also plan their day around bookings and remove financial uncertainty.
Zoo Accounting