New challenges for small firms

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New challenges for small firmsSarah Bridge in the Mail on Sunday says small firms that have made it through the lockdown face new challenges as support schemes wind down, adding that local lockdowns and uncertainty over Brexit mean many smaller businesses “feel they must dig deep to ensure they survive”. Tej Parikh, chief economist at the Institute of Directors, says now is a “crucial” time for small firms, noting that while support schemes are being lifted, consumer demand isn't back to previous levels. “As a result, there's great uncertainty over making key decisions such as launching new products or committing to new investment,” he adds. Emma Jones, founder of small business network Enterprise Nation, points to optimism among SMEs, however, saying: “Businesses have gone through so much uncertainty in recent years – for example, the General Election, Brexit and coronavirus. Many feel that if they have survived all these events, they can survive anything.” She believes that a lot of small firms “have come out of lockdown stronger than when they went in.”

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