{"id":15148,"date":"2021-04-23T18:53:05","date_gmt":"2021-04-23T18:53:05","guid":{"rendered":"https:\/\/www.openbusinesscouncil.org\/?p=15148"},"modified":"2022-05-04T21:37:25","modified_gmt":"2022-05-04T21:37:25","slug":"innovation-keeps-smes-in-business-during-covid","status":"publish","type":"post","link":"https:\/\/www.footballthink.com\/innovation-keeps-smes-in-business-during-covid\/","title":{"rendered":"Innovation Keeps SME&#8217;s In Business During Covid"},"content":{"rendered":"<p><span lang=\"EN-GB\"><strong>The coronavirus pandemic has brought about chaos for many UK SMEs, but raw entrepreneurism has risen through the uncertainty as businesses adapt and pivot to survive.\u00a0\u00a0<\/strong><u><\/u><u><\/u><\/span><\/p>\n<figure id=\"attachment_15157\" aria-describedby=\"caption-attachment-15157\" style=\"width: 700px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-15157 size-full\" src=\"https:\/\/www.openbusinesscouncil.org\/wp-content\/uploads\/2021\/04\/Innovation-Keeps-SMEs-In-Business-During-Covid.jpg\" alt=\"\" width=\"700\" height=\"404\" srcset=\"https:\/\/www.footballthink.com\/wp-content\/uploads\/2021\/04\/Innovation-Keeps-SMEs-In-Business-During-Covid.jpg 700w, https:\/\/www.footballthink.com\/wp-content\/uploads\/2021\/04\/Innovation-Keeps-SMEs-In-Business-During-Covid-300x173.jpg 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><figcaption id=\"caption-attachment-15157\" class=\"wp-caption-text\">Innovation Keeps SME&#8217;s In Business During Covid<\/figcaption><\/figure>\n<p><span lang=\"EN-GB\">New research<sup>1<\/sup>\u00a0on the future of businesses from Cynergy Bank found that 70% of businesses have had to change their business model to survive during the pandemic.<u><\/u><u><\/u><\/span><\/p>\n<p><span lang=\"EN-GB\">9% have completely changed their business model, while 33% are now selling an additional range of goods or services and 28% are selling the same goods or services in a different way than they did before.<\/span><\/p>\n<p style=\"font-weight: 400;\">Unsurprisingly, office based and customer facing industries saw the biggest change to their business models, with 75% of office-based businesses and 74% of customer facing businesses, stating they have had to pivot their business to survive.\u00a0 The agricultural industry saw the least change to business models with only 30% of respondents noting a change, this was compared with 88% in the <a title=\"The Rising Popularity of Cloud Computing and Digital Payments\" href=\"https:\/\/www.openbusinesscouncil.org\/the-rising-popularity-of-cloud-computing-and-digital-payments\/\" target=\"_blank\" rel=\"noopener noreferrer\">IT and computing industry<\/a>.<\/p>\n<p style=\"font-weight: 400;\">Female business owners saw their businesses pivot the most with 76% having to change their business model as a result of the pandemic.\u00a0 This was compared with 67% of males. Business owners aged between 18-34 were more likely to have to adapt their business with 88% of respondents in this age group changing their business model compared with 52% of over 55\u2019s.<\/p>\n<p style=\"font-weight: 400;\">Despite many SME\u2019s having to completely alter their business model to survive the pandemic, 72% of SME\u2019s think that their business is likely to survive. 22% have thrived during the pandemic and expect to continue to do so, rising to 25% among medium-sized businesses versus 20% of small-sized businesses. Just 4% of small and medium sized businesses think that they won\u2019t make it.<\/p>\n<p style=\"font-weight: 400;\">Nick Fahy, CEO of Cynergy Bank commented, <em>\u201cThe ability to adapt and change the business model at speed, has been vital to the survival of many <a title=\"Looking To The Future: What The New Year could Bring For UK SMEs\" href=\"https:\/\/www.openbusinesscouncil.org\/looking-to-the-future-what-the-new-year-could-bring-for-uk-smes\/\" target=\"_blank\" rel=\"noopener noreferrer\">SMEs<\/a> during the pandemic.\u00a0 It is encouraging to see that SMEs are adapting their approach to navigate uncertain times, which will stand them in good stead for what may continue to be a challenging landscape for months to come.\u00a0 The optimism shown by UK SME\u2019s is testament to their resilience in the face of challenging situations.\u00a0 At Cynergy Bank, we aim to support recovery and help SMEs thrive post pandemic.\u201d<\/em><\/p>\n<p style=\"font-weight: 400;\"><strong>About Cynergy Bank<\/strong><\/p>\n<p style=\"font-weight: 400;\">Cynergy Bank was established in 2018 by entrepreneurs to serve the needs of business owners, property entrepreneurs and family businesses.\u00a0 We have a strong track record supporting businesses that want to scale up and provide over \u00a32.6bn lending to scaling businesses across the UK, we also offer retail deposits to UK savers.\u00a0 Our vision is to provide a truly personalised service that is delivered through face-to-face relationships and enhanced by the latest technology.<\/p>\n<p style=\"font-weight: 400;\">At Cynergy Bank we recognise that our customers\u2019 personal and professional lives often overlap. Our mission is to help empower them to achieve their ambitions by serving all their interdependent banking needs.\u00a0 We provide a range of digitally enabled products and services to meet the property finance, business and commercial banking, private banking and personal savings needs of our customers.<\/p>\n<p style=\"font-weight: 400;\">Cynergy Bank has signed partnership agreements with Google Cloud and Wipro Limited to continue to innovate in the <a title=\"Smart Cities Index IndexDNA Captures The Complex Relationship Between Citizens, Industry, Policymaking And Society\" href=\"https:\/\/www.openbusinesscouncil.org\/smart-cities-index-indexdna-captures-the-complex-relationship-between-citizens-industry-policymaking-and-society\/\" target=\"_blank\" rel=\"noopener noreferrer\">human digital space.<\/a><\/p>\n<p style=\"font-weight: 400;\">Cynergy Bank is a UK bank, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Eligible deposits are protected up to a total of \u00a385,000 by the UK Financial Services Compensation Scheme. Cynergy Bank was established following the acquisition of a UK based community bank in 2018.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The coronavirus pandemic has brought about chaos for many UK SMEs, but raw entrepreneurism has risen through the uncertainty as businesses adapt and pivot to survive.\u00a0\u00a0 New research1\u00a0on the future of businesses from Cynergy Bank found that 70% of businesses have had to change their business model to survive during the pandemic. 9% have completely [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":15157,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":""},"categories":[3666],"tags":[3468],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v18.1 (Yoast SEO v19.7.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Innovation Keeps SME&#039;s In Business During Covid - OpenBusinessCouncil Directory<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.footballthink.com\/innovation-keeps-smes-in-business-during-covid\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Innovation Keeps SME&#039;s In Business During Covid\" \/>\n<meta property=\"og:description\" content=\"The coronavirus pandemic has brought about chaos for many UK SMEs, but raw entrepreneurism has risen through the uncertainty as businesses adapt and pivot to survive.\u00a0\u00a0 New research1\u00a0on the future of businesses from Cynergy Bank found that 70% of businesses have had to change their business model to survive during the pandemic. 9% have completely [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.footballthink.com\/innovation-keeps-smes-in-business-during-covid\/\" \/>\n<meta property=\"og:site_name\" content=\"OpenBusinessCouncil Directory\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-23T18:53:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-04T21:37:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.footballthink.com\/wp-content\/uploads\/2021\/04\/Innovation-Keeps-SMEs-In-Business-During-Covid.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"404\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Hernaldo Turrillo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Hernaldo Turrillo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.footballthink.com\/innovation-keeps-smes-in-business-during-covid\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.footballthink.com\/innovation-keeps-smes-in-business-during-covid\/\"},\"author\":{\"name\":\"Hernaldo Turrillo\",\"@id\":\"https:\/\/www.footballthink.com\/#\/schema\/person\/b9610afd0759dc701187a7f622375c23\"},\"headline\":\"Innovation Keeps SME&#8217;s In Business During Covid\",\"datePublished\":\"2021-04-23T18:53:05+00:00\",\"dateModified\":\"2022-05-04T21:37:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.footballthink.com\/innovation-keeps-smes-in-business-during-covid\/\"},\"wordCount\":593,\"publisher\":{\"@id\":\"https:\/\/www.footballthink.com\/#organization\"},\"keywords\":[\"business\"],\"articleSection\":[\"Entrepreneurship\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.footballthink.com\/innovation-keeps-smes-in-business-during-covid\/\",\"url\":\"https:\/\/www.footballthink.com\/innovation-keeps-smes-in-business-during-covid\/\",\"name\":\"Innovation Keeps SME's In Business During Covid - OpenBusinessCouncil Directory\",\"isPartOf\":{\"@id\":\"https:\/\/www.footballthink.com\/#website\"},\"datePublished\":\"2021-04-23T18:53:05+00:00\",\"dateModified\":\"2022-05-04T21:37:25+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.footballthink.com\/innovation-keeps-smes-in-business-during-covid\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.footballthink.com\/innovation-keeps-smes-in-business-during-covid\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.footballthink.com\/innovation-keeps-smes-in-business-during-covid\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.footballthink.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Innovation Keeps SME&#8217;s In Business During Covid\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.footballthink.com\/#website\",\"url\":\"https:\/\/www.footballthink.com\/\",\"name\":\"OpenBusinessCouncil Directory\",\"description\":\"Openbusinesscouncil\",\"publisher\":{\"@id\":\"https:\/\/www.footballthink.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.footballthink.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":[\"Organization\",\"Place\"],\"@id\":\"https:\/\/www.footballthink.com\/#organization\",\"name\":\"openbusinesscounsil\",\"url\":\"https:\/\/www.footballthink.com\/\",\"sameAs\":[],\"logo\":{\"@id\":\"https:\/\/www.footballthink.com\/innovation-keeps-smes-in-business-during-covid\/#local-main-organization-logo\"},\"image\":{\"@id\":\"https:\/\/www.footballthink.com\/innovation-keeps-smes-in-business-during-covid\/#local-main-organization-logo\"},\"openingHoursSpecification\":[{\"@type\":\"OpeningHoursSpecification\",\"dayOfWeek\":[\"Monday\",\"Tuesday\",\"Wednesday\",\"Thursday\",\"Friday\",\"Saturday\",\"Sunday\"],\"opens\":\"09:00\",\"closes\":\"17:00\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.footballthink.com\/#\/schema\/person\/b9610afd0759dc701187a7f622375c23\",\"name\":\"Hernaldo Turrillo\",\"description\":\"Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.\",\"url\":\"https:\/\/www.footballthink.com\/author\/hturrillo\/\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.footballthink.com\/innovation-keeps-smes-in-business-during-covid\/#local-main-organization-logo\",\"url\":\"https:\/\/www.footballthink.com\/wp-content\/uploads\/2017\/04\/logo_big.png\",\"contentUrl\":\"https:\/\/www.footballthink.com\/wp-content\/uploads\/2017\/04\/logo_big.png\",\"width\":1161,\"height\":250,\"caption\":\"openbusinesscounsil\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Innovation Keeps SME's In Business During Covid - OpenBusinessCouncil Directory","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.footballthink.com\/innovation-keeps-smes-in-business-during-covid\/","og_locale":"en_US","og_type":"article","og_title":"Innovation Keeps SME's In Business During Covid","og_description":"The coronavirus pandemic has brought about chaos for many UK SMEs, but raw entrepreneurism has risen through the uncertainty as businesses adapt and pivot to survive.\u00a0\u00a0 New research1\u00a0on the future of businesses from Cynergy Bank found that 70% of businesses have had to change their business model to survive during the pandemic. 9% have completely [&hellip;]","og_url":"https:\/\/www.footballthink.com\/innovation-keeps-smes-in-business-during-covid\/","og_site_name":"OpenBusinessCouncil Directory","article_published_time":"2021-04-23T18:53:05+00:00","article_modified_time":"2022-05-04T21:37:25+00:00","og_image":[{"width":700,"height":404,"url":"https:\/\/www.footballthink.com\/wp-content\/uploads\/2021\/04\/Innovation-Keeps-SMEs-In-Business-During-Covid.jpg","type":"image\/jpeg"}],"author":"Hernaldo Turrillo","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Hernaldo Turrillo","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.footballthink.com\/innovation-keeps-smes-in-business-during-covid\/#article","isPartOf":{"@id":"https:\/\/www.footballthink.com\/innovation-keeps-smes-in-business-during-covid\/"},"author":{"name":"Hernaldo Turrillo","@id":"https:\/\/www.footballthink.com\/#\/schema\/person\/b9610afd0759dc701187a7f622375c23"},"headline":"Innovation Keeps SME&#8217;s In Business During Covid","datePublished":"2021-04-23T18:53:05+00:00","dateModified":"2022-05-04T21:37:25+00:00","mainEntityOfPage":{"@id":"https:\/\/www.footballthink.com\/innovation-keeps-smes-in-business-during-covid\/"},"wordCount":593,"publisher":{"@id":"https:\/\/www.footballthink.com\/#organization"},"keywords":["business"],"articleSection":["Entrepreneurship"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.footballthink.com\/innovation-keeps-smes-in-business-during-covid\/","url":"https:\/\/www.footballthink.com\/innovation-keeps-smes-in-business-during-covid\/","name":"Innovation Keeps SME's In Business During Covid - OpenBusinessCouncil Directory","isPartOf":{"@id":"https:\/\/www.footballthink.com\/#website"},"datePublished":"2021-04-23T18:53:05+00:00","dateModified":"2022-05-04T21:37:25+00:00","breadcrumb":{"@id":"https:\/\/www.footballthink.com\/innovation-keeps-smes-in-business-during-covid\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.footballthink.com\/innovation-keeps-smes-in-business-during-covid\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.footballthink.com\/innovation-keeps-smes-in-business-during-covid\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.footballthink.com\/"},{"@type":"ListItem","position":2,"name":"Innovation Keeps SME&#8217;s In Business During Covid"}]},{"@type":"WebSite","@id":"https:\/\/www.footballthink.com\/#website","url":"https:\/\/www.footballthink.com\/","name":"OpenBusinessCouncil Directory","description":"Openbusinesscouncil","publisher":{"@id":"https:\/\/www.footballthink.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.footballthink.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":["Organization","Place"],"@id":"https:\/\/www.footballthink.com\/#organization","name":"openbusinesscounsil","url":"https:\/\/www.footballthink.com\/","sameAs":[],"logo":{"@id":"https:\/\/www.footballthink.com\/innovation-keeps-smes-in-business-during-covid\/#local-main-organization-logo"},"image":{"@id":"https:\/\/www.footballthink.com\/innovation-keeps-smes-in-business-during-covid\/#local-main-organization-logo"},"openingHoursSpecification":[{"@type":"OpeningHoursSpecification","dayOfWeek":["Monday","Tuesday","Wednesday","Thursday","Friday","Saturday","Sunday"],"opens":"09:00","closes":"17:00"}]},{"@type":"Person","@id":"https:\/\/www.footballthink.com\/#\/schema\/person\/b9610afd0759dc701187a7f622375c23","name":"Hernaldo Turrillo","description":"Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.","url":"https:\/\/www.footballthink.com\/author\/hturrillo\/"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.footballthink.com\/innovation-keeps-smes-in-business-during-covid\/#local-main-organization-logo","url":"https:\/\/www.footballthink.com\/wp-content\/uploads\/2017\/04\/logo_big.png","contentUrl":"https:\/\/www.footballthink.com\/wp-content\/uploads\/2017\/04\/logo_big.png","width":1161,"height":250,"caption":"openbusinesscounsil"}]}},"_links":{"self":[{"href":"https:\/\/www.footballthink.com\/wp-json\/wp\/v2\/posts\/15148"}],"collection":[{"href":"https:\/\/www.footballthink.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.footballthink.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.footballthink.com\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.footballthink.com\/wp-json\/wp\/v2\/comments?post=15148"}],"version-history":[{"count":2,"href":"https:\/\/www.footballthink.com\/wp-json\/wp\/v2\/posts\/15148\/revisions"}],"predecessor-version":[{"id":15158,"href":"https:\/\/www.footballthink.com\/wp-json\/wp\/v2\/posts\/15148\/revisions\/15158"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.footballthink.com\/wp-json\/wp\/v2\/media\/15157"}],"wp:attachment":[{"href":"https:\/\/www.footballthink.com\/wp-json\/wp\/v2\/media?parent=15148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.footballthink.com\/wp-json\/wp\/v2\/categories?post=15148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.footballthink.com\/wp-json\/wp\/v2\/tags?post=15148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}