Social Distancing Will Change The Way SMEs Do Business Permanently
The UK today enters its second week of government-imposed lockdown to curb the spread of the coronavirus pandemic and businesses everywhere are changing and adapting to a new way of working; whether that be from home, on different hours or at reduced capacity. While the main focus of government legislation has rightly been on those businesses who will struggle to adapt, there are many firms that have adapted quickly and are now seeing an upturn in business.
Online legal service providers, at-home delivery services and fintechs are facing busy periods as traditional brick and mortar stores close their doors for at least the next three weeks and possibly beyond that – according to government guidelines.
Luke Davis – CEO of IW Capital, an investment firm that supports small businesses, discusses the changes to the sector:
“The last few weeks have been incredibly tough for the UK’s small businesses, start-ups and their employees. The advice to work from home wherever possible has resulted in empty offices and a huge increase in group video calls to keep up communication between employees.
More technologically savvy firms have adapted swiftly to this new way of working and, as others are forced to follow suit for the first time, we will likely see a permanent shift towards flexible and remote working as an option that becomes viable for the mainstream, rather than the minority.
There has already been a marked move for start-ups to make sure that their systems are digitised for the future and now it will not just be those firms that are based in online services but all firms. Working from home will very likely be more streamlined and encouraged than ever before. Innovation has always been a huge part of the success of SMEs in the UK and now that will extend to ways of working as well as the products and services they provide.”