Little did we know, when we first commissioned our research over six years ago, what the world would throw at small businesses in 2020. Overnight, small businesses were thrust into an entirely unrecognisable world for an indefinite period, forced to either close, adapt or do something different altogether to make ends meet. There has never been anything like it in living memory, nor was there a manual on how to cope.
The Covid-19 pandemic has changed every aspect of our lives in 2020 - and the economic impact is yet to be fully understood. While many business sectors switched to remote working routines, others simply could not. Government initiatives such as loans and furlough schemes helped different business types and market sectors, however the cold reality for many businesses is that a shock to the system like this could well spell disaster for them.
Small Business 2020 year end report
Our findings from the 2020 research – from before COVID right up to the eve of Brexit, are shared in the full report. This is available as a download pdf here.
For the last five years, Hitachi Capital Business Finance has surveyed small business decision makers in the UK, spanning industry sectors, business size and geographical region. We are constantly speaking to small business owners in the UK, spanning industry sectors, business size and geographical region. We call this our Business Barometer.
Going into 2021, as the green shoots of confidence are beginning to return to those able to adapt to the circumstances, the long road to recovery can begin!
The pandemic has showed us the value of a long-term plan, that allows for major bumps in the road such as the pandemic. This is key to minimising stress in running a small business and steering the ship through unprecedented storms.