Navigating challenges
The last eight years have demonstrated the difficulty in planning for the future. A recent study by Small Business Britain found that although experiencing difficulty, 52 per cent of all UK small businesses are pressing on.
From Brexit to the pandemic to the current recession, small businesses have had to face many knockbacks. Add to that the everyday challenges of being an EMB owner and the complexities become difficult to navigate.
However, it’s not all bad. Small businesses have the advantage of being nimble enough to adapt during tough times. As a leader of an SME or a micro business, it’s unlikely you’ll have to lay off dozens of employees or go through tedious processes to change suppliers like bigger businesses do – which is a huge benefit.
The pandemic, despite its challenges, also allowed many to finally take the jump into entrepreneurship. In fact, 20.4 per cent of EMBs have continued to open at a rate that is higher than white owned businesses (10.1 per cent).
