All businesses want to grow, and SMEs are no exception. We take a look at how SMEs can build back better after Covid-19.
Covid-19 has taken a significant toll on people’s everyday lives. While the whole world has suffered from the pandemic, the United Kingdom has been no exception to facing the impact of coronavirus. And SMEs have already felt the heat of uncertainty from constant lockdowns, which were imposed with the view to curb the infection rate to a minimum.
According to a recent McKinsey survey, titled: ‘How the COVID-19 crisis is affecting UK small and medium-size enterprises,’ around 80% percent of SMEs felt severe crisis. It says, “Of surveyed SMEs, 80 percent report stable or growing revenue for the year before the pandemic began. Today, 80 percent of SMEs say their revenues are declining.”
Mapping out the prime reasons behind such drastic collapse, low mobility, or zero mobility is one of the primary reasons to be blamed for hindering the growth and the stability in the business. In addition, the post Brexit condition can also be considered as the most significant reason behind reeling down SMEs' constant progress. “Small businesses based in London are most likely to worry with nearly half (49%) believing they will be worse off overall […],” according to a report published by the Telegraph.
SMEs, who contribute a significant portion of the country’s economy, need immense support from the government in order to get back to sustainability. Although the government has already taken steps to support SMEs through various incentives packages, an increase in these efforts would maximise the potential of faster growth for SMEs.
All businesses want to grow, and SMEs are no exception. Growth, however, requires resources. Many SMEs look to external funding to support these growth plans and knowing your true daily cash position is critical. By using Wathe, you'll not only be able to examine your financials in detail, but you’ll also be able to access capital for your business. Wathe’s unique approach to lending finds you the right deal that works for your business.
Aside from the financial challenges SMEs face in light of Covid-19, a new set of challenges present themselves in the post-Covid landscape. SMEs now need help with access to new demand, increasing productivity and adopting a digital-first approach.
Can you make payroll this month? Do you have funds to invest back into your business? Need to organise your team better? All these are scenarios that you can forest and roadmap in Wathe, so you can understand the financial impact of your plans, know which decisions to make, and when to take action. Measure and monitor the data and metrics which matter most to your business with Wathe to keep things on track.