Small businesses have faced one of the biggest economic challenges in recent history, a report conducted jointly with Xero and the Entrepreneurs Network, highlighted the need to boost digital adoption amongst SMEs as they emerge from Covid-19.
The key findings show that:
· If the 1.1m micro-businesses (0-9 employees) doubled their uptake of key digital technologies, the UK economy would get a £16.6bn boost
· This would restore four-fifths of lost productivity growth since the financial crisis, and enable businesses to bounce back faster post-lockdown
· Over a third (38%) of UK SMEs have very low levels of digital adoption
· As the economy reopens, it is vital that the switch to digital becomes permanent and smaller businesses make the most use of the right digital tools
You can read the full report here: (https://www.xero.com/blog/2020/07/xero-calls-on-uk-small-business-minister-for-digital-campaign-to-accelerate-sme-recovery/)
Could this be a massive opportunity for small businesses?
Are you looking to invest in digital technology to improve your business?
#digitaltransformation #smallbusiness #businessrecovery #xero