SMEs look forward to successful festive period and a prosperous new year
Winter is a critical time for any business, with Black Friday, Christmas and New Year approaching rapidly, businesses must do everything they can to prepare with the aim of maximising their revenue during this time. For small businesses and SMEs they have the added Small Business Saturday to consider, but they will be buoyed and excited for this year’s upcoming festive period.
With research from SME investment experts IW Capital showing that 58% of Brits plan to shop more at small businesses and SME’s, it seems that the pandemic has caused the UK public to shift their focus to supporting small businesses and SMEs, small businesses owners will be ready to accept them. According to research from Meta, nearly 20 per cent of UK small business owners expect to make more than half of their annual revenue in the last 3 months of the year with 28% of SMEs choosing to spend more time to promote their business and spend more time on advertising during the festive period.
With the strong digital acceleration seen during the pandemic, 81% of small businesses and SMEs have invested in their digital and online services, allowing them to offer a variety of options for consumers, and with 67% of Christmas shoppers now completing their Christmas shopping online, instead of in-person, this looks another astute move from SMEs.
Small businesses and SMEs have adapted in amazing ways not just to survive, but to flourish, they are now more versatile, robust, and ready for the future. With 16% of UK investors looking to back start-ups and newly formed businesses it seems they will be given a platform to continue the success and progression of their companies. The community and investors are ready to back small businesses and small businesses are ready to maximise this exciting opportunity.
Luke Davis, CEO of IW Capital, discusses the outlook of the festive period for small businesses:
“Small businesses and SMEs throughout the UK have, in many cases, pivoted and grown throughout the past two years which has been truly inspiring to see. SMEs and the individuals that run them are incredibly inventive and versatile with their companies and making sure they are at the forefront of the UK business scene. It is therefore hugely encouraging to see that consumer and investors alike are recognising that SMEs have now become an indispensable part of the UK economy.
There is a huge amount of ambition and talent throughout the UK small business ecosystem, and it is exciting times for SMEs, both from an investing and business standpoint. At IW Capital we are always searching and looking to invest in small businesses in their growth journey to provide them with the opportunity to thrive and succeed. It’s great to see the shift from the UK public to have the desire to choose small businesses which paints an optimistic picture for the coming months which are normally crucial for businesses”