Thanks again to everyone that attended our webinar, ‘Building Resilience and Fostering Growth’ hosted alongside Triodos Bank on Tuesday morning (26th January 2021). It was a session full of positivity discussing how SMEs can survive and even thrive in these strange times we find ourselves in.
For those that weren’t able to attend or those that just want to refresh their thoughts we have outlined some of the key messages/themes echoed throughout the session below.
First things first, you are not alone!
There are many businesses out there that are ‘in the same boat’ as the saying goes. The pandemic has hit small businesses harder than most and it can be easy to just think of the worst-case scenarios, but the key is to stay positive.
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Communicate and Work Together
Don’t be afraid to ask for help. Communication is more important than ever before.
‘Communicate’ was the most common word featured in each of our speaker’s recommendations for business owners right now. A problem shared is often a problem halved. Speaking to clients, suppliers, funders, business support services and even competitors may really help – whether it’s by networking, sharing advice or collaboration. We’ve even heard of some businesses collaborating with competitors. Afterall, you will be experiencing very similar difficulties so give it a go!
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Consider Diversification
Quick responses to changing environments can be very beneficial to face the challenges ahead. ‘Pivot’ and ‘diversify’ are the key words here. Being agile and shifting into new directions quickly has proved vital for business survival. Whether that be implementing new technology to enable your team to work remotely or creating a different way of running your business altogether. Even the smallest of changes can make a big difference.
Change is not always doom and gloom, it also gives SMEs ‘a level playing field’ with larger competitors. You both have access to the same audience where travel and time constraints do not apply. Your voice is heard just as loud and clear as the next business. There is no need to worry about getting to a meeting on time because of traffic or transport issues. The availability of technology has opened up a world of collaborations and communication that we never thought possible 12 months ago.
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Access to Finance
If it’s additional finance you are looking for, it’s a good idea to outline what is most important for you and make decisions based on those priorities. If safeguarding of staff is most important then funding new technology to work remotely will be somewhere at the top of your ‘survival list’. If its just simply keeping the business afloat you may need funding to support cashflow. Whatever your business priorities are, they will shape the way your business moves forward.
With that in mind, access to finance doesn’t have to be difficult. There are government schemes out there to help. Click here to read more about BBLS and CBILS.
With support from Triodos Bank, BCRS Business Loans are in a position to be able to support SMEs in and around the West Midlands that are unable to access finance from traditional lenders, such as banks.
Click here to find out more about BCRS.
To find out more about how Triodos works with organisations like BCRS click here.
