Two-fifths (43%) of small businesses say their businesses have returned to pre-pandemic levels, with nearly a third (30%) claiming they are doing a better job than they were in February 2020.
A survey by Enterprise Nation and Starling Bank found that while 40% of businesses have not yet returned, more (43%) said they have recovered and only 5% are concerned they will not reach the pre-pandemic rate.
According to Companies House, more than 810,000 new businesses were created in the UK between March 2020 and March 2021, the largest year in history. Although the rate of business failure during this period was high, 437,790 companies were forced to close their doors, far outstripping the formation of new businesses. In the first quarter of 2021 alone, 211,368 new companies were registered with Companies House.
The recovery in the UK has been driven by the persistence of entrepreneurship; More than half (53%) have changed their services and businesses during the pandemic, while more than a quarter (28%) have launched entirely new products and services based on the changing needs of customers. One in 10 small businesses (11%) has expanded into a new industry, while 5% have decided to start a completely new business.
Most respondents (65%) expect 2022 to be a very successful year. Against the backdrop of persistent labor shortages, supply chain problems and rising material costs creating a challenging business environment, only 3% of small businesses say it is unsustainable. In fact, two-thirds (65%) are optimistic about 2022, when the same number is set to increase sales.
When asked about next year’s strategy, small businesses note that they are drawing on valuable lessons from the pandemic. About 60% said they plan to develop new services by 2022, 45% said they would invest in technology, and 42% said employee training would be a top priority.
“The Caribbean started before the Caribbean pandemic — it really put my business to the test,” said Keshia Sakarah, owner of a Caribbean restaurant in London and a client of the company. By interacting with my local community on social media and in the trend of digital orders and deliveries, we have more users than ever before. “I am excited for 2022 and while I know I still have challenges, I am confident that through creative thinking and entrepreneurship, the Caribbean will continue to thrive.”
To help small businesses fly in 2022, Starling Bank has partnered with business expert Della Hudson for a series of flying lessons that can be viewed here.
Source: Belfastlive
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