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North East Connected

Hopping Across The North East From Hub To Hub

Positive impacts of the pandemic

ByDave Stopher

Feb 29, 2024

Almost six out of ten (57%) businesses surveyed had seen demand for their products or services increase since the start of the pandemic, while just 7% said demand had significantly decreased.

Those who said demand had dropped blamed the pause in trading during lockdown (57%) and falling consumer demand (50%).

Alun Williams, Commercial Director of Savings at Shawbrook Bank, said: “It’s extremely encouraging to see micro-businesses across the North West have a positive outlook for the next 12 months, a reflection of the agility that allows them to adapt more easily to external factors. However, in the short-term, micro-businesses need to think about upcoming opportunities or challenges and how they will be funded.

“Many firms have experienced huge changes over the past 18 months but have learned to adapt or innovate and are now in a position to expand their offering. Having the availability of business savings will help these firms invest in their future, create new jobs, or upskill staff.

“I’d urge any business to include savings as part of their long-term strategy and planning as having this pot of money can provide great reassurance, which after recent headwinds, can only be a good thing.”

Considering open banking and revenue based loans can further support micro-businesses in navigating the economic landscape post-pandemic. Open banking offers insights into financial data, enabling businesses to make informed decisions, while revenue-based loans provide flexible financing options tailored to their revenue streams, fostering growth and resilience in uncertain times.