Nearly half of UK SMEs launched new product or service as a result of COVID-19

UK SME are finding that focus is shifting towards fostering innovation and development in the UK market as tactics to sustain growth. Read more: Nearly half of UK SMEs launched new product or service as a result of COVID-19

Nearly half of UK SMEs launched new product or service as a result of COVID-19

UK SME are finding that focus is shifting towards fostering innovation and development in the UK market as tactics to sustain growth.

The findings of a recent survey found that while 37% of the SMEs surveyed claimed to feel pessimistic about the future of their business over the next 12 months, there was some light among the shade. 43% of businesses surveyed have launched a new product, service or revenue stream as a result of COVID-19. 68% of these relate to innovation of existing products or services and 6% are in an entirely new area.

47% of businesses previously looking to expand overseas have changed to focus on UK growth. With this shift in focus, SMEs are also looking to their professional advisers for supporting advice, with 39% of respondents saying they would like to see more information about opportunities to grow in the current climate from their professional advisers.

Matt Katz, Partner at Buzzacott and head of the Corporate Finance team, who carried our the research, explained: “During the course of the COVID-19 pandemic, what we’ve heard from clients is that one of their most valuable tools has been sharing thoughts and learnings within their peer community. Our survey’s findings show that while some entrepreneurial businesses are struggling, many are looking at ways to grow, with a focus on innovation and the UK market.

“This is reflective of the conversations we are having with our clients, many of whom are looking to maximise the opportunities in the domestic market which present ample room for growth, instead of exploring more uncertain and unchartered territory overseas during this time.”

The findings from the survey serve to bolster the knowledge sharing between entrepreneurial businesses, helping to understand the actions they have taken and their sentiments for the future. With 7 in 10 businesses expecting to have either the same number or more employees this time next year, it is now more important than ever for British SMEs to hone their priorities by learning from one another.

Read more:
Nearly half of UK SMEs launched new product or service as a result of COVID-19

Source : Business Matters More   

What's Your Reaction?

like
0
dislike
0
love
0
funny
0
angry
0
sad
0
wow
0

Next Article

ITV ‘planning business-themed reality show’ to rival Lord Sugar’s BBC hit The Apprentice

ITV are reportedly in pre-production on a new business-themed reality series to rival The Apprentice. Read more: ITV ‘planning business-themed reality show’ to rival Lord Sugar’s BBC hit The Apprentice

ITV ‘planning business-themed reality show’ to rival Lord Sugar’s BBC hit The Apprentice

ITV are reportedly in pre-production on a new business-themed reality series to rival The Apprentice.

According to The Sun, the show has a working title of Easy Millions and has already started the casting process.

It’s said that this will be a direct rival for the stalwart BBC show, which stars Lord Sugar, Claude Littner and Karren Brady.

A source said: ‘ITV has spotted a big gap in the telly market and is full steam ahead.

‘They want people to apply if they fancy themselves to be the sort of person who might have applied for The Apprentice and now haven’t got an outlet to show themselves off.

‘All being well, they’ll have a decent line-up, get it filmed and be ready for the autumn or later in the year.’

A call out from ITV read: ‘In these extraordinary times, Britain needs its entrepreneurial spirit more than ever, so if you think you’ve got what it takes to run the next million-pound business, we want to hear from you.’

Read more:
ITV ‘planning business-themed reality show’ to rival Lord Sugar’s BBC hit The Apprentice

Source : Business Matters More   

This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.