FSB research ‘New Horizons: How small firms are navigating the COVID storm’, found that at the height of lockdown, 41% of small businesses had been forced to close. Of these firms, 35% were concerned they may not reopen. However, faced with a massive challenge, small firms have been resilient, with many successfully adapting, offering new services and developing new products. Others have taken the time to learn new skills, such as digital technologies.

10%  of all small businesses

diversified into producing new

services during lockdown

6% of all small businesses

diversified into producing

new products/goods

during lockdown

16% of small businesses developed

a new, or increased, their

online presence

24% of small businesses adopted

or increased their use of

digital technologies (e.g. Zoom,

Microsoft Teams) to facilitate

working from home

 

FSB National Chair Mike Cherry said: “These are very uncertain times for all businesses, with futures unknown. Small firms have long been the champions of innovating, adapting and engaging with others, especially during difficult periods, and the current situation is no exception.”