Businesses remain confident despite pandemic

Although the current pandemic has had a major impact on businesses, latest findings show that firms remain confident about their prospects.

The study, conducted during UK lockdown in May 2020 by Airbase, did however reveal that low adoption of digital tools to allow consistent sales and marketing activity is both the biggest threat and the biggest opportunity for many businesses.

Business owners and senior executives across a wide range of businesses contributed to the research, which grouped participants into one of four categories, reflecting their capacity to thrive through and beyond the pandemic.

• 76% of them scored in the highest ‘Stable’ and ‘Strong’ categories, indicating a high degree of optimism about their ability to withstand the current crisis.
• 23% were in the top ‘Strong’ category, and these businesses displayed both the greatest confidence in the positioning of their business and the widest adoption of digital sales and marketing channels.

Of those surveyed, 52% currently fail to take full advantage of online sales and marketing channels, with 43% not profiting from online transactions at all.

Airbase founder and CEO, Phil Slorick, commented, “Our study’s given an interesting glimpse into how business leaders are feeling. It’s great to see so many holding their nerve through this difficult time. Adopting digital technology is a challenge for many businesses, but that also means it’s a valuable opportunity.

“It wasn’t surprising to find the businesses consistently coming out on top were those with strong processes for nurturing leads and marketing to existing customers.”

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