Consumers set to support SMEs into new year
Winter is a critical time for any business, with Black Friday, Christmas and New Year approaching rapidly, businesses are doing everything they can to prepare with the aim of maximising their revenue during this time. For small businesses and SMEs, they have the added bonus of Small Business Saturday to consider, but they will be buoyed and excited for this year’s upcoming festive period.
With research from IW Capital showing that 58% of Brits plan to shop more at small businesses and SMEs, it seems that the pandemic has caused the public to shift their focus to supporting small firms, and business 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 promoting their business and spend more 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 shoppers now completing their shopping online, instead of in-person, this looks like another forward thinking move from SMEs.
Small businesses and SMEs have adapted 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 behind them are ready to back small businesses and they, in turn, are ready to maximise this exciting opportunity.
There is a huge amount of ambition and talent throughout the UK small business ecosystem, and it is an exciting time for SMEs, both from an investing and business standpoint. At IW Capital we are always searching for, 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 choose small businesses, which paints an optimistic picture for the coming months.
To find out how IW Capital could maximise your investment opportunities, please contact the team today on 020 7015 2250, or email info@iwcapital.co.uk.