What are small businesses doing to prepare for an economic downturn?
As Britain braces itself for recession amid rising inflation and a deepening cost-of-living crisis, a new study shows that 4 out of 10 small firms in the UK have invested in growing their digital capacity to try and mitigate the soaring cost of doing business.
45% of small and medium-sized firms surveyed by Enterprise Nation say they increased their digital capability last year, with 68% pledging to do so over the next 12 months.
The decision to invest in online was primarily to drive growth (47%) with others saying it was a consequence of the pandemic (29%) or the cost of living crisis (16%).
Successful schemes to address the issue of digital upskilling include business.connected, a partnership between Vodafone, Enterprise Nation, Samsung and Cisco, which aims to expand the digital capabilities of half a million SMEs over the next three years.
Aston spoke to Emma Jones CBE, founder and CEO of Enterprise Nation.
Photo by Colin Watts on Unsplash
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