Post-covid recovery for SMEs – how technology is key

Post-covid recovery for SMEs – how technology is key

News, Technology Finance

After almost 12 months of working from home, reduced client and colleague interaction has had an enormous impact on the way businesses function. Technology has been at the heart of this change. In many ways, it’s been the saviour – without technology, meetings wouldn’t happen, information would travel by post (imagine that) and day-to-day tasks would have dripped away. For SMEs in particular, technology has been the means of survival – but only if they have quality kit. We look at how technology will help with the post-covid recovery for SMEs.

What changes could be here to stay?

The uptick in digital tools and analytics will continue. It’s likely that social distancing will be part of life for some time, and there will be a reluctance to get back to the melee of the physical stores. Lasting habit changes will inevitably lead to an increase in e-commerce and process automation.

How to finance new technology

Being at the top of your game when it comes to technology will have huge advantages – a fact not lost on the chancellor, who is promising high stakes support as part of the 520m Help to Grow scheme. Speaking in the Evening Standard, Sunak states:

“Our brilliant SMEs are the backbone of our economy, creating jobs and generating prosperity – so it’s vital they can access the tools they need to succeed. Help to Grow will ensure they are embracing the latest technology and management training, fuelling our plan for jobs by boosting productivity in all corners of the UK.”

One size does not fit all

As well as offering discounts towards the costs of hardware, the scheme will point SMEs in the direction of high-quality training and support to maximise the use of equipment and get the most from all that technological advancement has to offer. The vital role SMEs play in bolstering the economy is being championed once more – with money to support it.

This support is positive, but a one size fits all approach is never the solution and it’s important for SMEs to ensure they are adopting tech and training that truly fit their purpose. Options such as lease financing will increase flexibility and scope, making it possible for SMEs to truly gain the best possible outcome from what has been possibly one of the most challenging years business has faced.

Post-covid recovery for SMEs – find out more

Read our section What can be Financed? or get in touch to discuss how we can help you finance new technology as part of your business’ post-covid recovery.

Image by: MaximeUtopix via Pixabay

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