Could COVID drive a digital revolution?
New research from Sage shows 62% of the UK SMEs have already made or are planning to make redundancies as a result of the pandemic. With so many livelihoods under threat, businesses have to change to survive. In fact, could COVID be driving a digital evolution for the UK economy?
Job losses vs tech adoption
SME’s are the backbone of the UK economy, but it’s feared that 1,4 million jobs may still be at risk. Yet, with the accelerating demise of old industry models come new consumer trends and habits. The requirements of “new normal” pushing businesses to introduce radical changes in their strategies and ways of working. The gamble might be paying off, driving productivity levels, especially where processes have been digitised.
Future can be bright
British SMEs are increasingly positive about the future, with three quarters expecting to be profitable by June 2021. And as many as 80% stressed that digital adoption would be necessary for economic recovery and job creation. Better access to finance and technology will reduce exposure to risk. And this is where the policymakers and business networks will have to work together to ensure that future businesses are bulletproof against significant external shocks.
If you or your business is facing financial problems, please don’t put it off. Contact us for a free consultation on 0800 118 2948. Seeking advice early on really can help to find the best resolution and whatever happens, we will be beside you, helping you through the process.
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