Small businesses are more likely to consider the prospect of working from home indefinitely a major challenge than larger businesses, according to a survey by Hitachi Capital Business Finance.
The study also found that small businesses were twice as likely to have concerns about their business survival as larger ones during this period of coronavirus lockdown. One-third of small business respondents (31%) said they had concerns, compared with 19% of larger firms.
Technology issues pose a significant problem. When asked to what extent the level of technology in their business was affecting day-to-day operations, 30% of small businesses said they would be held back, and almost half of these suggested they may be forced to close temporarily until the virus was under control.
Managing Director Gavin Wraith-Carter, said: “Without warning, businesses have been thrust into a situation that few would ever have imagined. Extreme situations will stretch businesses to limits and expose areas that require attention. Smaller businesses, without the same resources and facilities as their larger counterparts, will have felt this bump the hardest.
However, many of these issues can be fixed, and these improvements will offer a significant competitive advantage over the years. Where small businesses have an advantage over their larger counterparts is the speed at which these changes can be implemented and incorporated into the core business practice.”