How Startups and Small Businesses are driving growth in the UK
The difficulties faced by small company owners have changed as the pandemic has done so. A study of more than 1,000 business owners, including 10,000 Small Business (10KSB) U.K. graduates and a control group of equally high-growth small business owners, was done to fully assess the effects of COVID-19 on the U.K.’s small business community. Overall, the results were encouraging.
Alumni of 10KSB U.K. who were affected by the pandemic modified their business models in 68 percent of cases, added new goods or services in 69 percent of cases, and improved turnover and employment in many cases. To navigate this time of increased uncertainty and find new opportunities for growth, small firms have made advantage of their adaptability to create new and improved products and services. In fact, of the alumni who launched new goods and services, 55% were unheard-of in the marketplace. We think that the 10KSB community’s adaptability will be crucial in reviving the British economy.
The biggest problem the economy is facing in reaction to the epidemic is the impending skills crisis, but small firms are crucial to the solution. Young people’s skill development, talent development, and job creation are their main areas of attention as the U.K. transitions to a high-skilled economy. According to the report, 83% of 10KSB U.K. alumni have improved the capabilities of their workers since the epidemic began, and 79% have made hiring and developing young talent a priority.
The value and growth potential brought about by technological advancements have significantly increased during the last two years. This opens up a whole lot of potential, but many companies are still unsure of how to use technology to promote latent development. Regardless of the industry they are in, small business executives must investigate how technology might help them realize their full potential.
The good news is that the 10KSB U.K. graduates are changing. According to survey findings, 93 percent of respondents use data when making decisions, and 88 percent have changed how they use digital technology more quickly. And as a result, small businesses are at the forefront of societal change because they are essential to the UK’s economic health.
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