Loraine Birchall, author and UK Entrepreneur says that “the UK has some 5.9 million small business and Corona Virus could see 1.5 million or more could go bust as the movement of people is restricted and illnesses take their toll.”
The recent budget has some lifelines of help for small and medium sized businesses (SME’s) but there are some restrictions to the help available as it does not cover all sectors. Then add to this the missing footfall as customers keep themselves to themselves.
UK’s Chancellor of the Exchequer, Rishi Sunak outlined a number of plans to protect small business and the Bank of England has made cash available to banks at the lowest rates seen but we all know how the banks can be with small businesses loans in the past, and business owners wonder what strings will be attached to any borrowing, even if the bank says yes!
Birchall went on to say; “Whilst some measures are welcomed by SME’s who are eligible not having to pay business rates is a help, but if you can’t get customers through the door or get them to decide to choose you through your online presence, business owners will still wonder how to get round those fixed costs that all businesses incur no matter what.
How will they survive when they can’t pay the rent and utility bills and by the time all of this is made available how may SME’s will be hanging on by their teeth? Hanging on by the teeth is not something the banks like to work with! A lot of gig or homeworking entrepreneurs will be left out in the cold.”
One is left wondering what owner managers of small businesses who are either ineligible or who the banks would not support with the cheap money available to them to help themselves through the crisis?
Loraine added: “One of the biggest things is to address your own attitude, let’s face it, if you have convinced yourself you will be going bust, the chances are you will. Time to Think Positive and work on the things you can work on and forget those that are outside your control. And to quote Michael Heppell, the international best selling author of ‘Be Brilliant’, Heppell states – Be Responsible, in other words be able to respond!
Loraine continued, “If you are in a tight market then you Must Ensure that whatever it is you do in your business, You become the Best at Doing What You Do. Think of ways to Stand Out From The Crowd and become the Go To Local Expert in Your Field of Operations.” Write that book, improve your media coverage, improve your customer service and shine, go live on social media to show off you, your services and your business.”