Business News – UK start-ups adapting to survive the crisis

In an article in Business Money Richard Bearman, managing director of Start Up Loans, commented: “I am in awe at the determination and creativity of small business owners across the UK, who have not only survived COVID-19 thus far but have actively capitalised on the new trends it has created by always staying one step ahead of the curb.

iBOSS Comment:

What should also be highlighted is that many of those start-ups sought professional business advice before taking the plunge. Many quickly realise that if they are to have any chance of a sustainable venture, they need a Business Plan. A good business consultant can clearly help you here because they probably have not only been through this themselves but have already assisted many businesses to get off on a firm footing. Look at it this way, would you run headlong through a dark tunnel not knowing what is in front or even to the side of you. You would want to be sure what lies ahead and do I genuinely believe it is a risk worth taking to reach the other side.

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Business News: SMEs detail pandemic impact

Covid News - SME IMPACT

The Daily Telegraph recently reported that a poll of UK alumni of Goldman Sachs’ 10,000 Small Businesses programme shows that 99% believe they will survive the coronavirus crisis, assuming there are no other national lockdowns. The poll saw 64% say revenue had decreased, while 44% had reduced headcount and 75% had used the furlough scheme. Statistics show that 45% of firms have changed their business model due to the pandemic, with three quarters expecting this to be a permanent change.

iBOSS Business News Comment:

It seems to me that with large swathes of the country in practically Lockdown 2 these figures are only likely to increase even further. It seems clear to me that now more than ever, SME’s need to be seeking professional business advice from as many sources as possible. There is no silver bullet to the current situation, and this is still going to be a long-term problem for the vast majority of us. Even business consultants with a successful track record of helping businesses cannot wave a magic wand. Still, they may very well give you fresh ideas, an alternative business plan or business strategy as you advance. They may also help you look for ways to raise some additional business finance. An initial consultation is often free.

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Older freelancers hit hardest by coronavirus

iBOSS Covid news Business support and mentoring

Business support is high in demand right now. An article in The Times has highlighted that those self-employed and over 65’s have been particularly affected by the COVID-19 pandemic – with those in both camps faring even worse.

A recent survey commissioned by IPSE found that while the average income of freelancers fell 25% during lockdown, some saw income fall as much as 80% leading to many small firms collapsing. The sad fact is that a number of these businesses may have possibly been able to continue to trade if they had access to the right business advice. So often businesses either do not think to seek support or know where to turn to get help in difficult times likes this or worse still they leave it too late to get the potential help they need.

If you are one of those businesses facing that potential situation then iBOSS is happy to see if we can help. It’s good to talk!