The UK is currently in a state of economic crisis. A recent report by Energy Live News found that many small businesses are ‘struggling to stay afloat’, and it’s anticipated that ‘nearly 53% of small companies expect to stagnate, downsize or fold in the next year’ as a result of the energy crisis. CIPS also reported that 74% of SMEs said energy bills, inflation and rising living costs are a long-term concern for their business. As a result, start-ups are failing; between January and March 2022, there were 205,171 new incorporations and 150,810 dissolutions in the UK.
With a lack of time, funds and resources at their disposal, SMEs are looking for innovative ways to save money and digitise previously costly services, leaving funds available for other areas of the business. Digital solutions such as Docue, Xero and Hubspot have seen a year-on-year growth in users, as more SMEs look to go digital.
