Listen: Suppirting small businesses through COVID recovery

Despite the extension of the Government’s furlough and business loan schemes until the Spring, thousands of small companies face the prospect of going out of business in the New Year, especially those in the hardest hit sectors such as hospitality and retail.

Enterprise Nation is calling on the business community itself to take inspiration from the Chancellor’s support measures, citing Vodafone’s newly announced scheme to give small businesses 12-months’ free broadband as a perfect example of what can be done to help financially vulnerable firms reduce their costs, allowing them to reinvest the savings, and ultimately, stay afloat.

With new research showing that more than half of the country’s 5 million SMEs have embraced digital ways of working since the start of lockdown in March 2020 – it is clear that UK businesses are more reliant on broadband than ever before.

Before the pandemic just 27% of SMEs said 100% of their day-to-day business was conducted online . But that figure has now doubled with 55% saying all of their business is now done through digital channels (e.g. company website and/or third party online marketplace).

Aston spoke to Emma Jones CBE, founder of Enterprise Nation  to talk about the various ways that businesses and individuals can help small firms financially impacted by the pandemic to get back on their feet, whether that’s by consumers making a conscious effort to patronise small and medium-sized businesses or by thriving companies going out of their way to offer goods, services and professional advice for free or at significantly reduced rates. Also discussing the that is help available for the large number of firms still confused about the rules of doing business with the EU following the end of the Brexit transition period and growing calls for the Chancellor to introduce new economic support measures including scrapping VAT and extending the business rates holiday for at least another year.

Photo by Mike Petrucci on Unsplash