Strength In Numbers

Let’s start with some numbers…. 330 billion, the number of pounds the government has promised for business lending this week; 10,000, the size of grants to really small rateable businesses; 14, the number of days of statutory sick pay the government will refund to small and medium sized businesses…. And 5.8 million: the number of small businesses terrified for their future this week.

I am not going to lie, these are unprecedentedly scary times for the small businesses that are the beating hearts of communities and the economy. As footfall plummets and uncertainty looms, there is no easy or simple solution to the current situation. But there is strength to be found in even the smallest and darkest of places.

Certainly, small businesses are not prepared for this significant and sudden down turn. Small Business Britain research this week with over 1,000 businesses across the UK showed that 93% do not have insurance, 83% have not yet sought advice on managing the crisis, and over 72% expect this to impact their revenues negatively by over 50%. We need, as a sector and as a society, to come together and address this in every way we possibly can.

Announcements this week from the Treasury are very welcome and go further than any intervention in living memory, but there are still of course gaps. Freelancers, home-based businesses, the self-employed and renters are key gaps in the financial support landscape and must be the next to be addressed.

What is required over and above the financial intervention is support intervention – not just cash grants, but guidance on how to best use them to build business resilience; not just lending but financial planning advice to ensure businesses are not just pushing the problem down the line and that they are in a strong position to pay off the loan once the crisis ends. Direct, regular, expert business support will be essential for getting small businesses through this.

One hugely positive thing coming out of this is the incredible tidal wave of offers of support from small businesses themselves. Small accountants, small business advisors, small marketing, social media and communications specialists are all stepping up and offering their services for free to other small businesses to help them through the crisis. The 5.8 million small businesses are not just in need of support, but are also generating vast amounts of support themselves. Many are joining Small Business Saturday’s daily Facebook Lives to share their advice, take questions and offer their time to support businesses who may be really struggling.

And it is not just small businesses that are stepping up. What is rapidly becoming apparent is the willingness of big businesses to step up and support small businesses through this too – using their big numbers to help IN big numbers. BT’s Skills for Tomorrow programme is a great example of this, providing free to access digital skills help and support for small businesses and individuals. With increased home working and the need for new digitally delivered business models for many small businesses, there could not be a more important time to address the digital skills landscape.

When we are talking numbers, let’s also talk about the community, the 66 million individuals across the UK who are dealing with massive life changes and for many huge levels of fear – they are also stepping up to help the small businesses they hold so dear. Individuals are turning more and more to their local businesses as supermarkets are bereft of essentials, or people can not travel or wish to avoid crowded places. Swathes of customers are reaching out to their local cafes and restaurants to keep them going, supporting new takeaway and delivery models. Social media is awash with individuals calling out for their friends and family to think small and support this incredibly important sector. Lauren Laverne is doing daily shout outs to small businesses on Radio 6, picking up on the mood of a nation turning to their local landscape to get them through this crisis.

The numbers do still look bleak for the coming weeks and months. But if you are a small business facing this crisis, please do also remember the huge numbers of people and organisations that are pulling together as fast as they possibly can to support you. Please do reach out, please do ask for help, please do not face this situation alone.

We can make the numbers work for us again. There is strength to be found. Stick with it and stick with us – we will get through this.