Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
Abbreviation SME (Small and Medium sized Enterprise) on keyboard background
March 9 2021

Going digital could provide £16.6bn boost for SMEs

Marc Shoffman News, SME News, Top 3 Gary Turner, SMEs, xero

Small businesses will benefit from a post-pandemic £16.6bn boost if they embrace customer loyalty and digital tools, research claims.

Analysis by accountancy platform Xero claims there is growing public goodwill towards small businesses as consumers seek to support them through the pandemic.

Half of consumers said they now feel greater loyalty towards local businesses over bigger firms, and 42 per cent plan to shop small more often after lockdown.

Xero said this gives small businesses an opportunity to connect with customers in a way large corporate will struggle to replicate and suggests using digital tools to run their business could free up time to interact personally with shoppers and clients.

Read more: Government urged to delay new insolvency rules to protect SMEs

Read more: SMEs set to be left £173,000 in debt from coronavirus loans

Using digital tools such as online receipts, paper payslips and cloud computing would provide an average £4,050 productivity boost for the 4.09m workers employed by micro businesses, equal to a £16.6bn, Xero said.

“The advantage small firms have is public affection and being better acquainted with their customers,” Gary Turner, managing director of Xero, said.

“The economic damage wrought by Covid-19 continues to be devastating, so it’s crucial small- and medium-sized enterprises (SMEs) know how to tap into this human aspect.

“After so long without social contact, we’ll see a resurgence in the lost art of loyalty. There may also be some old processes SMEs are happy to banish in favour of new technology to put them firmly in control of their business.”

Read more: Businesses seeking larger CBILS loans are opting for personal guarantee insurance

TISAtech launches UK Scale-Up initiative for international fintechs Furlough scheme extension prevents nearly 600,000 business closures

Related Posts

David Bradley Ward Ablrate

Industry News, News, Top 3

ASMX has traded almost £6m in the past 90 days

Bruce-Davis-Abundance-2-1024x585 (5)

Features, Top 3

The future is green: Exclusive interview with Abundance’s Bruce Davis

concept of economic recovery after the fall due to the covid 19 coronavirus pandemic. Financial graph 2021. Stock market chart. Businessman pointing graph. Return of growth after a fall

Industry News, News, Top 3

UK fintech investment hits record £2.5bn in first quarter

Popular posts:

  • Metro Bank starts offering RateSetter loans in its branches
  • Business Loan Network appoints administrators
  • Assetz Capital launches new bridging product
  • Funding Circle chief turns down £190,000 pay rise
  • PwC brings fintechs together for collaboration
  • Assetz Capital overhauls access accounts to boost liquidity
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by