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Small business Britain makes plans to stimulate growth for companies

14th April 2020 Print

Around 73% of small businesses in the UK are prepared to experience slower growth this year, according to the British Business Bank. With most businesses currently on lockdown,  it’s not surprising that most business owners are anxious about how to truly protect business assets and continue to generate revenue. It is positive, then, that there are organisations that are stepping up to help support SMEs in this time of need. 

Small Business Britain’s Initiative 

Only 3% of small business owners say that growth is critically important to their business, according to the Small Report 2020. As such, Michelle Ovens—founder and director of Small Business Britain—has announced that her organisation intends to accelerate and foster growth in SMEs by championing local communities and establishing networks amongst them. She went on to say that with all the challenges, small business owners may feel run down. What Small Business Britain hopes to achieve is to empower and educate small business owners by introducing new analytical tools and networking opportunities.

British Government Steps Up

With employees possibly getting ill while on duty, uninsured employers are now facing unexpected liabilities. Wiser business owners may have already settled this issue by getting a small business insurance quote and subsequent policy long ago. However, there is a constant debate on whether the pandemic and related employee illnesses are covered by insurance policies. The good news is that the British Government has stepped in and clarified that workers with COVID-19 are getting sick pay, which falls under the scope of workers’ compensation claims. They are also paying 80% of the wages of those not working in the current crisis. 

The Need for Cash is Answered

40% of small businesses report that they will run out of cash in the next three weeks, according to YouGov. In response, the British Chambers of Commerce—as well as other financial institutions—are coming up with their own schemes to offer financial assistance and loans to small business owners. Not only will a quick injection of capital help keep doors open, but it can be used to jumpstart growth initiatives in different SMEs. 

The present growth of small businesses in the UK this year does have a massive hurdle in its path. If small businesses are going to grow under such circumstances, their owners must take advantage of what is currently available for them to use. Whether it’s relying on a state-backed loan or tapping into organisational resources, being creative will be vital to continued brand existence and growth.

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