Small Business Survival Post Covid

Small and medium sized business (SMBs) are a critical part of the economy: they are not only employers but also customers to larger companies across the supply chain, and make important contributions to their local communities.

Despite the tough times experienced by businesses during the pandemic, recent report shows that SMBs contributed around £18 billion through community initiatives including volunteering and cash donations.

The new SMB Mutuality Report from Intuit QuickBooks and Oxford Economics found as many as 59% made some kind of a contribution, demonstrating what an important part small businesses play in our local communities.

They also report an increase in public support for SMBs with 44% of Londoners now more likely to shop at SMBs compared to before March 2020.

It has been reported that Covid has brought forward digital transformation of businesses by several years. Many SMBs have had to fight this pandemic by developing rapid e-commerce solutions. 73% of small and medium-sized businesses became more digital in 2020, through social media, online stores, click-and-collect services and online meetings.

Sadly a plunging demand for products and services may have a lasting effect on some sectors. A survey by Simply Business reports that 41% of small business owners fear their business is at risk of permanently closing due to the pandemic.

Long term marketing must be the focus for SMBs to stand out and survive.

They must embrace digital tools such as social media, online payments, CRM and virtual meetings as well as show empathy and social responsibility. Customers will remember which companies operated responsibly during the pandemic.

Face-to-face interaction and brick & mortar visits have all but evaporated during lockdown; the pandemic has pushed even the most digitally challenged consumers to engage with brands online. Local businesses with storefronts that have previously relied on passing trade may have to rethink how they connect with their customers. During this time of uncertainty rather than turn of marketing, it’s important for companies of all sizes to focus on re-aligning their purpose for a new future and to reimagine what the consumer might think, feel and do in the next normal.

If you are a SME and looking to implement a digital transformation contact us to find out how we can help.