British SME’s show resilience during the pandemic
As restrictions are lifted, data released by Sky Connect reveals that 80% of the UK’s SMEs believe they have shown more resilience during the pandemic than larger businesses over the past year.
In fact, SMEs have fared better than larger businesses with Local Data Company research revealing that the independent retail and leisure market was more resilient than chains. With 66% of small businesses agreeing that they have shown more resilience during the pandemic than larger businesses.
“It’s been a tough year for British small businesses. But it’s testament to their resilience that many of our smallest businesses are among the most adaptable – and the most optimistic about the future. It was no surprise to me to see that they’ve bounced back better than larger firms. At Sky Connect, we believe that small businesses should be provided with as much support, and the best tools as possible to grow and recover.”
– Kevin O’Toole, Managing Director, Sky Connect
Over this past year, businesses across the UK have had to deal with a lot of change, with almost a third of British SMEs saying they have felt anxious and 79% noting that they have had to adapt their business. However, during this incredibly tough time for small businesses, over half have lent a helping hand to another business in need, with London’s SMEs being the most generous across the UK (69%).
Thankfully, 75% said they feel optimistic about the future of their business as we come out of lockdown and almost a third (32%) of UK’s small businesses say that they have felt more resilient thanks to the strength of their staff over the past year.