How Can Small Businesses Prepare for Recession?

For small businesses, this is a worrying time, with running costs up 38% and consumer spending down 29%, one survey has found that 92% of UK startups and SMEs are fearful about the future. As business owners look ahead to a difficult year, it is vital that they learn from previous recessions and prepare their companies to not only survive this period but identify the potential growth opportunities that economic downturns can present. It is equally important for policymakers who develop and implement legislation that impact small businesses to have an accurate understanding of their challenges. 

This Digital Dialogue, held in partnership with Intuit Quickbooks, explored the challenges that small businesses are facing as they attempt to prepare for the looming recession, what steps they can take to ensure they successfully navigate this period and what policymakers could do to support these vital components of the UK economy.

Access to Capital

What steps can small businesses take to keep their debt levels manageable and how can the private and public sectors work together to ensure SME access to capital during times of economic crisis?

Recession

Does the fact that this recession is a result of the pandemic instead of economic failures change the approach that small businesses should take?

Technology

How can technology help small business owners not only survive but grow in difficult economic conditions?

Access to Data

How important is having access to accurate, reliable data on the operations and the macroeconomic climate to small businesses? What difficulties do leaders face when attempting to access this?

Policymakers

What support do small businesses need from policymakers to help them navigate this turbulent economic period?

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