Tips for Enhancing Small Business Resilience in 2021 | GBAF

Tips for Enhancing Small Business Resilience in 2021 | GBAF

Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Home > Business > PREPARING FOR THE UNEXPECTED CAN HELP SMES PROSPER

PREPARING FOR THE UNEXPECTED CAN HELP SMES PROSPER

Published by Gbaf News

Posted on March 28, 2018

6 min read

Last updated: January 13, 2026

Asian trading market scene depicting LNG price decline during Lunar New Year - Global Banking & Finance Review — An image illustrating the Asian trading market, highlighting the decline in liquefied natural gas (LNG) prices influenced by reduced trading activity during the Lunar New Year. This visual connects to the article's discussion on price fluctuations and market dynamics.

Ian Rand, CEO of Barclays Business Banking

There’s no escaping that the small business environment has felt challenging so far this year.

There has been weak consumer confidence in clothing and restaurants on the high street, unfortunate SMEs have been put under pressure by Carillion’s collapse, and our own recent survey of smaller companies showed concerns about inflation – which can increase costs for a business, hitting profits.

As a banker for a million UK SMEs, I spend a lot of time talking to small business owners about their plans and how they are considering changes in their marketplace. Some firms are full of optimism while others are characterised by caution, though all successful entrepreneurs share a remarkable sense of determination.

However, one particular trait that distinguishes the firms that tend to succeed over the long term is their thinking about resilience, and what they will do if things don’t go to plan. Businesses encounter problems from time to time, and being prepared for the unexpected makes a real difference.

Yet worryingly, figures from the government suggest many small business owners often leave things late. Nearly half apply for funding within the very week that they need the cash, and many leave it to just two days before.

That is why we encourage business owners to try to think further ahead, even amid the daily pressures of running a company. We have seen this make a difference time and again, and with that in mind, here are some top tips for reinforcing a small company:

Cash is king – manage it carefully and have a detailed 13-week forecast updated weekly. Be in control of the financial performance and have regular management information showing how your business is performing.
Set a budget – do this at the start of each financial year and monitor performance against it regularly. If you start diverging from it, understand why and use any valuable insights.
Put data to work – digging into your data can unlock a wealth of new opportunity. Today, apps can do much of the hard work for you, and put information at your fingertips.
Examine changes in your marketplace – assess whether it’s just a blip or a seismic shift, and have a plan for adapting your business if needed.
Consider diversifying – introducing new revenue streams is a great way to weather difficult periods. Examples include newsagents signing up to parcel-receiving services, coffee shops becoming cyclist-friendly, or restaurants partnering with delivery services to increase the amount of food they sell.
Talk to your bank early on – you don’t need to face financial challenges alone. A good business banker will understand your industry and local market, and understand your business model. Managing a firm through choppy waters can require additional skills and experience.

In the last few weeks we’ve spoken to thousands of small businesses that worked with Carillion. Thankfully, the overwhelming majority report that they are OK for now, and we’ve been able to help several in need with new lending. Early conversations are key.

Ultimately, we exist to help businesses grow for the long term. Small business owners need a bank that will be on their side through thick and thin.

Ian Rand, CEO of Barclays Business Banking

There’s no escaping that the small business environment has felt challenging so far this year.

There has been weak consumer confidence in clothing and restaurants on the high street, unfortunate SMEs have been put under pressure by Carillion’s collapse, and our own recent survey of smaller companies showed concerns about inflation – which can increase costs for a business, hitting profits.

As a banker for a million UK SMEs, I spend a lot of time talking to small business owners about their plans and how they are considering changes in their marketplace. Some firms are full of optimism while others are characterised by caution, though all successful entrepreneurs share a remarkable sense of determination.

However, one particular trait that distinguishes the firms that tend to succeed over the long term is their thinking about resilience, and what they will do if things don’t go to plan. Businesses encounter problems from time to time, and being prepared for the unexpected makes a real difference.

Yet worryingly, figures from the government suggest many small business owners often leave things late. Nearly half apply for funding within the very week that they need the cash, and many leave it to just two days before.

That is why we encourage business owners to try to think further ahead, even amid the daily pressures of running a company. We have seen this make a difference time and again, and with that in mind, here are some top tips for reinforcing a small company:

Cash is king – manage it carefully and have a detailed 13-week forecast updated weekly. Be in control of the financial performance and have regular management information showing how your business is performing.
Set a budget – do this at the start of each financial year and monitor performance against it regularly. If you start diverging from it, understand why and use any valuable insights.
Put data to work – digging into your data can unlock a wealth of new opportunity. Today, apps can do much of the hard work for you, and put information at your fingertips.
Examine changes in your marketplace – assess whether it’s just a blip or a seismic shift, and have a plan for adapting your business if needed.
Consider diversifying – introducing new revenue streams is a great way to weather difficult periods. Examples include newsagents signing up to parcel-receiving services, coffee shops becoming cyclist-friendly, or restaurants partnering with delivery services to increase the amount of food they sell.
Talk to your bank early on – you don’t need to face financial challenges alone. A good business banker will understand your industry and local market, and understand your business model. Managing a firm through choppy waters can require additional skills and experience.

In the last few weeks we’ve spoken to thousands of small businesses that worked with Carillion. Thankfully, the overwhelming majority report that they are OK for now, and we’ve been able to help several in need with new lending. Early conversations are key.

Ultimately, we exist to help businesses grow for the long term. Small business owners need a bank that will be on their side through thick and thin.