Connect with us

Hi, what are you looking for?

Investing

Half of UK SMEs feel optimistic for 2021 despite challenges ahead

business success

Despite the challenges SMEs in the UK faced in 2020, over half of businesses are feeling optimistic about what lies ahead in 2021, new research reveals.

According to the research, 52% of UK SMEs have an optimistic view on the year ahead, with business, consulting and management, accountancy, banking and finance; and the hard-hit charity sector being positive about 2021.

Conversely, the least optimistic sectors were among those most affected by the pandemic, with hospitality and events management being the most pessimistic about the future of their industry.

As business leaders consider the road to recovery, more than two in five respondents predict they will be back to business-as-usual by the second half of the year.

But the data shows that 2021 won’t be without its challenges, as more than a third of SMEs foresee revenue generation as a key concern, along with employee mental health and wellbeing – both prominent issues of 2020.

Yet many SMEs have learned from the trials faced last year. Two-fifths of respondents intend to upskill in an area outside their expertise, with those in accounting, banking and finance and IT the most likely to diversify their skillset.

In addition, those businesses who diversified their range of services and products in 2020 were more likely to feel optimistic about 2021.

When asked why SMEs should stay optimistic during these challenging times Nick Telson founder of Horseplay Ventures and host of start-up podcast, Pitch Deck, said: “This really won’t go on forever and in most sectors, I think we will return to normal during 2021. If you can survive now there’s no reason why you can’t go on to thrive in 2021. Also, the tough times is when the real innovators come to the fore and spot new and exciting markets and opportunities. Uber and Airbnb came out of the last financial crash, for example.”

Peter Treloar, Hiscox UK Commercial Underwriting Manager, who commissioned the research, commented: “The level of optimism amongst businesses following such a turbulent 2020 is encouraging and a real testament to their resilience. With many already upskilling in new areas, this agility will allow them to tackle new challenges such as revenue generation and employee wellbeing, head-on this year.”

Read more:
Half of UK SMEs feel optimistic for 2021 despite challenges ahead

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

THE DEPARTMENT of Agriculture (DA) approved a suggested retail price (SRP) of P125 a kilo for imported red onions in the National Capital Region...

Economy

THE PHILIPPINE ECONOMY could grow by as much as 8-10% if the government can address the gaps in agriculture, investment, and good governance, according...

Economy

By Keisha B. Ta-asan, Reporter GLORIA L. JAPON, a 48-year-old public school teacher from Cavite south of the Philippine capital, admits struggling to pay...

Economy

GLOBE Telecom, Inc. has signed an agreement to lease telecommunications towers in Southern Luzon to a unit of Thailand-based Sky Tower Plc. to monetize...

Economy

A UNIT of listed holding firm A Brown Co., Inc. has secured a P400-million funding for the construction of a commercial electron beam or...

Economy

MANILA Water Co., Inc. on Monday said that it would submit its completion plan to build and operate water, sewerage and sanitation projects until...

You May Also Like

Investing

Browsing history makes referring to sites and pages you’ve visited in the past seamless. It’ll help you recall what page you checked out on...

Investing

The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.