{"id":923,"date":"2020-06-12T16:17:13","date_gmt":"2020-06-12T15:17:13","guid":{"rendered":"http:\/\/www.withcreative.co.uk\/dev\/times-are-tough-but-we-will-break-through-and-come-back-stronger\/"},"modified":"2021-01-14T23:08:51","modified_gmt":"2021-01-14T23:08:51","slug":"times-are-tough-but-we-will-break-through-and-come-back-stronger","status":"publish","type":"post","link":"https:\/\/dev.withcreative.co.uk\/langricks\/times-are-tough-but-we-will-break-through-and-come-back-stronger\/","title":{"rendered":"Times are tough but we will break through and come back stronger"},"content":{"rendered":"
SMEs have been hit hard during the recent pandemic.\u00a0The media reading is depressing for many business owners at a time when we need to be positive.\u00a0The statistics are horrendous \u2013 it is expected that 2020 will see the largest annual drop in GDP since 1921.People claiming unemployment benefit rose 69% from March to April \u2013 the record low in unemployment at the start of the year has shifted significantly and the number of job vacancies is decreasing. But could this help SMEs in time? Will there be more available talented individuals hungry for work?We will hear about being in a recession.\u00a0What is interesting though is that our current downturn is planned in that the government have had to take action to protect our health, which is significantly different to other recessions and once restrictions are lifted, many businesses will be able to trade successfully again. I feel saddened for those that won\u2019t.<\/p>\n

I hope that lessons will be learnt from this. Will there be a shift in the ‘want’ and ‘get’ mentality? Will we have \u201crainy day\u201d savings as opposed to a shiny new car? Will there be more strategies to build reserves in businesses?\u00a0Cash is absolutely king at the moment. Whilst in the form of debt, there is the option of taking advantage of loans (bounce back or CBILs) and there has been the option to defer VAT. This may just be a saving grace for those working capital pinch points.\u00a0If any loans \/ deferrals are not needed, they can always be repaid.<\/p>\n

What I love about working with SMEs and entrepreneurial business owners is the way that they adapt to different scenarios and fight.\u00a0It is time to remain positive and to try and switch off from the media. SMEs will grow again and may even come back stronger than ever.<\/p>\n