Originally written by Partner Content on Small Business
COVID-19 has hit every economy around the world and practically every industry and vertical, but small businesses have been hit particularly hard.
In April 2020, almost a quarter of small businesses in the UK had to close, and those that reopened reported that revenue had declined by an average of 80 per cent. All told, 234,000 UK SMEs shut up shop permanently between March and September 2020.
The outlook is admittedly pretty bleak, but if there’s a silver lining to this cloud, it’s that people’s eyes, hearts and purse strings have opened to the importance of local SMEs. With the right strategies in place, today’s entrepreneurs can ride the wave of this sentiment, hopefully closing the financial year from a place of strength that can carry momentum into 2021.
We’ve all fallen in love with local
The novel coronavirus and loss of in-person socialising has led consumers to fall out of love with global service companies and products that are mass-made in China. Instead, they’re realising the benefits of local businesses. Around the world, activists have set up organisations to support local businesses, like Goodmoney in Brighton & Hove in the UK; Support Local BC in British

Read more...