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A new research study conducted by Nucleus Commercial Finance has revealed that over half of the small and medium-sized enterprises (SMEs) in the UK have found a way to adjust to COVID-19.

The study saw 57% of business owners say that they had managed to adapt their ways of working to be able to continue in the current situation. Furthermore, 27% told the researchers that the new approach to business that they have adopted is already proving to be successful, with 53% stating that some of the adjustments they have made will remain in place even once a vaccine has been created, as they are proving effective.

The changes that participating SMEs said that they have made to combat COVID-19 included 13% developing new services or products, 19% switching to online operations and 27% adopting a remote working model.

However, although the study shows a significant percentage of UK SMEs finding ways of accommodating the current situation, 29% of those that participated told Nucleus that future planning of any kind had taken a backseat to trying to survive the COVID-19 pandemic.

Speaking to Peer2Peer Finance News, Chirag Shah from Nucleus said:

“It’s encouraging to see that SMEs are adapting their approach to navigate uncertain times, which will stand them in good stead for what is likely to remain a challenging landscape for some time.”

Getting financial help from accountancy services in Goole or any other part of the UK is one step that SMEs can take to survive this crisis.

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