The SME market is the heartbeat of our economy, with over 5.8 million SMEs accounting for over 99% of all UK businesses. Unfortunately, the impact of Covid-19 on these businesses has been devastating, with two fifths now at risk of permanently closing. Earlier this month we shared an update on the financial support available to self-employed and small business owners. In this article, we have pulled together a number of schemes available to help small business owners adapt and survive as we look to the future post Covid-19.
Barclays Back to Business
Open to all UK SMEs, the ‘Barclays Back to Business’ programme has been launched in partnership with the Cambridge Judge Business School. The programme aims to help small business owners assess the health of their businesses and create a plan to tackle the challenges brought about by Covid-19. The toolkit provides practical advice and support to help businesses adapt to their new normal including frameworks for resilience plans and downloadable workbooks. Furthermore, business owners can also access a working capital calculator, cash flow forecasts and guidance on managing supply chain relationships. Read more about the programme here
BTs Small Business Support Scheme
After market research identified a number of key concerns of small business owners, BT has launched its Small Business Support Scheme to help business owners get better positioned for recovery and growth as we emerge from lockdown. BT has introduced a range of new measures to help small businesses in three main areas – connectivity, cash flow and confidence. Support includes bursaries for tech start-ups & helping businesses to go cashless, mentoring in advertising & digital skills and financial flexibility for those hardest hit. Find more information on the scheme here.
Small Business Leadership Programme
The Small Business Leadership Programme aims to help SMEs enhance their resilience and develop their potential for growth. Delivered over 10 weeks, the fully funded course supports senior managers in developing their strategic leadership skills, helping them to gain the confidence to make informed decisions and improve performance. The programme has been brought together by a collective of business schools accredited by the Small Business Charter (SBC), and supported by the Department for Business, Energy & Industrial Strategy. Learn more about the programme here.
Amazon Small Business Accelerator
Amazon and Enterprise Nation have joined forces on the Small Business Accelerator to support more than 200,000 small business manage the impact of Covid-19. A free online educational programme that is tailored to your experience, learning covers a range of subjects including selling online, managing cashflow and identifying growth opportunities. Business owners can carry out a business diagnostic to find the most appropriate support needed based on your skills and experience. E-learning modules cover a range of subjects from marketing to recruitment that can be completed at your own pace, or you can fast track your learning with an intensive week long book camp. Register today for free here.
Following on from the Small Business Accelerator, we wanted highlight the wealth of support available from Enterprise Nation as its own entity. A community of small businesses and business advisers, Enterprise Nation offer resources, expertise and connections to help you succeed in business. Offering a range of support from trusted professionals, business owners can access a range of tools including business templates, masterclasses and free courses. In response to the challenges faced by UK SMEs as a result of Covid-19, Enterprise Nation have been holding free daily webinars to help business owners survive the Covid-19 challenge. Read more about the support available here.
The success of the SME sector is vital to our country’s economic recovery and although times have been tough, 75% of self-employed and small business owners say they’ll continue or restart their business. Of course, when they do, constructaquote.com will be on hand to get their business insurance sorted!