
Last updated: Feb 24, 2024
The last year has been incredibly tough for small businesses, but there is light at the end of the tunnel. Sectors that have been hardest hit – like retail and hospitality – have started cautiously reopening. It’s been great to see businesses open their doors and our high streets starting to come back to life.
For some time now the narrative has been about what small businesses can’t do. It’s still a challenging environment, but instead we need to be talking about what they can do. The UK’s 5.9 million strong small business community will sit at the heart of our economic recovery.
That’s why we’ve teamed up with Square to share tips for businesses as restrictions continue to lift and spoke to a small business in our community about how they’re adapting.
The advantage small firms have over corporates is a growing depth of loyalty built up during the pandemic – Xero research shows that 52% of consumers plan to support SMEs more now. With £18.5bn of accumulated household savings in January alone, the UK is entering a dramatic period of spending.
But small businesses need to make sure they have the right technology in place to capitalise on this post-pandemic spending boom. The pandemic led to ten years of innovation and tech adoption taking place in just 90 days. Digital tools are changing the game – helping firms streamline processes, sell and operate online, adjust to changing consumer needs, and freeing them up to focus on building relationships with customers.
Sidonie Warren – owner and founder of stationary brand, Papersmiths – has just reopened all three of her stores. “Our team is back, the stores are buzzing and pretty much everyone who walks through the door is excited to visit their favourite shops again. Customers are commenting on how great it is, after months of purchasing their supplies online, to see the stationery in real life.”
She believes that in-person interactions and customer experience are still crucial following the pandemic. “It’s reaffirmed our belief that our bricks and mortar shop fronts enhance the customer experience and make our jobs even more rewarding. Tech has been key in helping us adapt to reopening – for example, using tech to identify what our stock needs are in each location so we can move it between our bricks and mortar and online outlets.”
To help small businesses make the most of the economy reopening, we’ve collated tips from experts at Xero and Square. Here’s what they had to say:
Visit Xero’s dedicated site for more resources, webinars and inspirational stories to help you emerge stronger from the COVID-19 pandemic.
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