The business world has changed dramatically over the past few months – namely, many firms have had to transform their business strategy to help cope with the impact of space closure; whether that be by introducing an e-commerce arm to keep sales, or by implementing a working from home policy for employees. Now, the outlook is bleak for some small firms who are facing the reality of the financial and logistical issues caused by the Coronavirus. A fifth of SMEs in the UK are expected to have to close permanently, so the need for hands-on and active solutions cannot be underestimated.
Nationally representative research commissioned by The Future Strategy Club across 2,000 UK workers shows that 45% of business leaders think their working environment will change for the better after the pandemic, while 29% have already streamlined their teams. However, 51% of workers believe that decision makers in the workplace are out of touch with the processes that allow teams to work effectively and productively. It seems, therefore, that SME owners could benefit from firsthand assistance to not only reengage their teams, but to adapt their business models further to meet the financial challenges presented by Coronavirus.
It is crucial, therefore, that SME owners receive the mentoring and hands-on help necessary to survive the impact of Coronavirus now, and avoid having to close further down the line.
Justin Small, Founder of The Future Strategy Club – a marketplace and education platform for the finest contractor talent – discusses the need for action now:
“Business owners and managers will have faced innumerable challenges over the past few months, as supply chains have been disrupted, trading temporarily ceased and employees had to adapt to working from home. Now is the time when business leaders do not just need advice on how to see their firms through these unprecedented times, but require a hands-on approach. An outside consultant can bring a fresh perspective to struggling businesses, and integrate a new, more flexible ethos to firms who are looking for the best way to accommodate new business models and a more flexible working approach after the lockdown period.
“Consultants talk to other consultants and these peer-to-peer conversations help to share the knowledge of those experts who have dealt with previous crises, such as the 2008 crash, that now can be applied to help small firms weather this pandemic.”