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Four in five UK small to medium-sized enterprises (SMEs) are confident that they will recover from the Coronavirus pandemic, according to research by Starling Bank and the Great British Entrepreneur Awards.
The data indicates that 75 per cent of business owners are feeling more confident than they did in July as lockdown measures ease.
While the COVID-19 pandemic has presented many challenges for SMEs, with one in five considering closure, many have changed their business model to adapt to the changing business landscape.
In total, 39 per cent of firms say that they’ve changed their line of business, with many either shifting to an online business model or prioritising digital products and services.
The research asked 314 SMEs in the UK several questions on their current business confidence and found that two-thirds of business owners believe that they will either return to or improve upon their pre-Coronavirus performance by the end of 2021.
Experts have praised the innovation, tenacity and determination of SMEs to adapt to the challenging circumstances to ensure that they can recover and rebuild their business.
Anne Boden, Founder and Chief Executive of Starling Bank, said: “Small businesses are essential to the nation’s efforts to build back the economy as we emerge from the Coronavirus crisis.
“Despite the challenging conditions they face, it’s heartening to see that many are proving so adaptable and resilient.”