57 per cent of the UK’s small- and medium-sized enterprises (SMEs) have adapted their business model in the wake of the Covid-19 pandemic, new research has found.
According to Nucleus Commercial Finance, more than a quarter (27 per cent) of SMEs said that their new, post-pandemic strategy has already delivered success, while a further 53 per cent said that they will make some of these changes permanent to help drive their business forward.
Among the businesses surveyed by Nucleus Commercial Finance, 27 per cent said that they have shifted their teams to remote working, 19 per cent have pivoted to online services, and 13 per cent have started offering new products and services.
Almost three quarters (71 per cent) said that they have either already altered their business strategy, or plan to alter it soon. However, 29 per cent of SMEs said that they are focused on simply surviving the pandemic, rather than planning for the future.
“British businesses have always remained resilient in the face of adversity and this insight shows that Covid-19 is no exception,” said Chirag Shah, chief executive of Nucleus Commercial Finance.
“It’s encouraging to see that SMEs are adapting their approach to navigate uncertain times, which will stand them in good stead for what is likely to remain a challenging landscape for some time.
“SMEs are the backbone of our economy, accounting for 99 per cent of all UK companies. For these businesses to thrive, not just survive, it’s vital that they have made financial plans to support them in weathering the storm.
“Business owners should explore the many options available to them, finding the finance that fits their business needs. As an industry we need to ensure that they know there are partners who can support them in accessing the finance they need, quickly, to support their short and long-term goals.”