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.”