In Focus Commercial Credit
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three-month period (28% compared to just 7% of offline firms).
In contrast, enterprises that were not
online were more likely to fear contraction or collapse – 68% (compared to 45% of their online counterparts). Further, offline businesses were more
than twice as likely than online businesses to have temporarily closed (37% to 16%) – whilst online businesses were more than twice as likely as the national average to say their business had seen no change to their trading status since the outbreak of the pandemic (28% compared to 13%). Small-business outlook in recent years
has at times defied gravity. Through the uncertain periods of the Brexit era, the Scottish Referendum and various UK General Elections, our study has shown SME outlook to be stoic and positive. The current climate though has brought
a sudden and seismic shift in confidence and outlook. Many small businesses have
June 2019
www.CCRMagazine.com
Small-business outlook in recent years has at times defied gravity. Through the uncertain periods of the Brexit era, the Scottish Referendum and various UK General Elections, our study has shown SME outlook to be stoic and positive. The current climate though has brought a sudden and seismic shift in confidence and outlook
been unable to trade and many are having to revise growth forecasts as the whole supply chain has been shaken by the current period of lockdown.
Confidence Whilst we expected to see a big fall in confidence for this quarter, the true test will be if and how it recovers during the summer months. The fact that only 1% of small businesses have permanently closed their doors suggests the majority will bounce back. It is going to be a different world though and at Hitachi Capital Business Finance we are working hard to help established small businesses to plan for change. We predict the digital economy will be
bigger for the small business sector and business owners will have to diversify and adapt. As the country looks to get back on its feet the small business sector will be more important than ever to power economic growth for the country at large. CCR
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