2020 was a year of uncertainty and confusion, one that had a detrimental impact on UK businesses. While the end is in sight and 2021 hopes to provide some closure to COVID-19, there is still a rocky road ahead. UK businesses have taken an unprecedented hit due to the tough restrictions that have been in place since March 2020 and continue as we currently wait out our third national lockdown. The need for digital and technological systems has never been more vital, and UK SMEs are looking at different ways to adapt to transform their businesses for the new COVID climate.
Digitalise your business
What has become clear as an outcome of the pandemic is that technology is the key to business survival. With over 50% of the population still working from home, the pandemic has forced companies to adapt, and as a result, many businesses have begun to take a digital leap. For your business to thrive in 2021, it must have digital automation and an effective online system at the heart of its structure.
Given the fact that COVID has caused a lot of us to work from home now, the need for automation and online systems such as Slack, Salesforce, or Close.com has skyrocketed. CRM systems are essential for a business, and apps available include office productivity and appointment scheduling. To ensure tasks can be completed to a high standard, while also keeping people safe, automation has been developed and can now be used efficiently in place of people for many roles. Systems can track and monitor workforces to ensure businesses can continue to do their jobs effectively, as well as simplify the manner in which a remote workforce can remain in contact.
Certain industries have thrived on the fact that they have had to become digitalised and have seen a surge in profits since working from home. If your business needs a similar boost to bounce back from the year we’ve had, then it might be time to invest in its growth.
Obviously, branching out into automation comes with a lot of financial implications, and you might want to consider a business loan in order to fulfill your expansion and boom in 2021. The CBILS (Coronavirus Business Interruption Loan Scheme) scheme is a good option, as the government-backed scheme was designed to help businesses bounce back from COVID and invest in their growth. Get in contact with our team at Funding Bay, and we will simplify the process and put you in contact with one of our accredited lenders such as Nucleus and Iwoca. With CBILS, the first year is free.
E-resources and digital communication tools
Investment in technology will not only ensure that your workforce is as efficient as it can be, but for many SMEs, it will also provide the only alternate solution to business. Throughout the year of lockdowns and tough tier restrictions, all shops and restaurants have been forced to close unless they are ‘essential’. Technology has played a vital role in this crisis, helping many businesses stay open and reach customers in innovative new ways. Of the businesses that have stayed open throughout the lockdown, one in five have either increased their online presence or created a new one from scratch.
For your business to survive and thrive in 2021, an effective way of selling your merchandise online is imperative. Website updates, new delivery services, online advertising, online menus, and takeaway services are among the updates businesses have had to make.
This move to digitalisation is a result of the pandemic, but it is likely that it will be a permanent fixture as our world becomes increasingly technological. Investing in your business’ growth would be a good move for your future, and the CBILS loan will be the best opportunity available as the government helps businesses get back on their feet. A CBILS loan could enhance the liquidity of your business in order to invest your cash flow in technological advancements. Get in touch with Funding Bay, before the deadline on March 31st
Consider Finance
Businesses must adapt in order to survive in our new world and adapt to the COVID-19 climate. In order to achieve this next digital step, among the setbacks you are likely to have suffered over the past year, a business loan may be the answer. The government-backed CBILS scheme offers a great opportunity, as the charges are covered for the first year. The government has released the scheme as a measure to try and push for SME growth at this time of adversity, and this growth can be achieved by a technology investment.
You may consider a CBILS in order to free up cash flow and ensure you have the means to invest in suitable digital enhancements for your business so that you can reach your maximum potential during this unprecedented year. CBILS lends loans up to £5 million through over 40 accredited lenders. Funding Bay can put you in touch with an array of lenders, such as Ultimate Finance or Funding Circle, and we will simplify the process to find you the lender best suited for your business. Funding Bay has so far helped our clients to access tens of millions in CBILS. The deadline for CBILS has recently been extended to March 31st.
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