Entrepreneurs’ success secrets during the pandemic in a new report

A new report analyzing companies and their activities during the pandemic reveals the secrets of one in ten UK entrepreneurs who have recorded a turnover rate of more than 50%.

Ten percent, a joint initiative of Enterprise Nation, Santander, and Enterprise Trust, found that everyone had applied common strategies for their businesses in the face of the economic shock and blockade caused by the pandemic: They changed their plans; opportunity-oriented capitalization at an accelerated pace of change; pre-existing competitive advantage; Invested in research and development and certified technology.

Opinium’s survey of 500 growing companies 1 in Report 1 also found that companies located in the country’s capital performed the best, with more than a third (35%) 10% based in London. The West Midlands was home to 11% of high-yield farms, the highest percentage outside London, followed by the South East, Yorkshire and Humber with 9%.

The analysis also compared companies by sector and showed that the performance of companies operating in the financial services and insurance sectors was the best (17%), followed by information and communications manufacturing (15%). Interestingly, companies that were already growing aggressively before the pandemic — or showing consistent annual revenue growth of more than 20% — increased their operations up to 27% annually.

The best evidence of the success of this high-productivity business during the pandemic is the fact that one in six of them (18%) has already created jobs in tough times, underscoring the importance of small businesses in boosting the broader economy. Strengthening the economy was the main outcome of the main report: a call for the government to help entrepreneurs build resilience and learn “one in ten” skills.

The report offers 18 practical recommendations for the government to learn the lessons of UK offshore business to ensure that more businesses build resiliency and thrive during economic shocks.

Ე includes:

Encouraging business and signaling private sector support to help implement technologies with a focus on effective use of digital tools to increase productivity and long-term resilience.

Support companies to understand and provide opportunities for future business models and innovation.

Discuss and be guided by industries and systems that are indirectly affected, such as transportation, commuting, and major roads. By downsizing and reducing brick-and-mortar retail, there is a potential need for a radical overhaul of urban spaces. This should be addressed head-on rather than waiting for irreversible deterioration.