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18th June 2021
Looking on the bright side: SMEs optimistic about post-lockdown growth says Xero
New data reveals that almost one in five17%) of small business owners expect their revenues to grow by 10% in the first six months after lockdown guidelines are completely relaxed.
The data released by Xero, the global small business platform, in its Future of Small Business Report found that 39% say they will focus on growing relationships with their customers over the next three years, while a quarter(27%) plan to build consumer trust.
Digital adoption is also a key area small businesses plan to tap into to drive growth according to the findings. 40% of retail revenue is now driven from online sales, while a quarter(26%) of SMEs have invested in cloud-based technologies such as Dropbox, Slack and Xero to run their businesses in recent months. Almost a third(31%) have removed the use of paper invoices and a quarter(26%) have abandoned paper payslips.
Despite the challenging environment, almost half(46%) of SME owners say the new ways of working that they have adopted during the pandemic mean they’re now better set up for the future.
“As we continue making our way out of lockdown, it’s positive to hear many small firms are optimistic about the road ahead,” said Donna Torres, director of small business at Xero.
“From adopting digital technologies to focusing on the areas that can set them apart-like customer loyalty and trust-the pandemic has forced new ways of working which are helping SMEs to adapt. But there are still challenges ahead and we all need to work together to support small businesses with
the guidance and tools they need to come back strong.”
To drive change, Xero has mapped out some of the support small businesses will require from the government in its Road to Small Business Recovery Report.
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