Many small businesses were forced to re-evaluate their business models in order to survive the past few years. Tune into this video to hear Patrick Smith explain why adapting to the challenges of the pandemic was imperative for small business success.
The past few years have demonstrated the importance of innovation during challenging times, in order to stay viable. Patrick Smith, Head of Small Business Banking at Santander, discusses the successful areas of innovation he saw for small businesses in the post-pandemic environment.
One of the most remarkable things for me for what and watching small businesses has been how adaptable they've been over the course of the last year and not just adapting their their business models, but adapting them rapidly and sometimes holistically. So moving from, you know, retail based, retail centric business models to take out to curbside delivery. Even more impressive is how lots of businesses who didn't use technology before really shifted to using technology in order to be able to serve their clients and operate their businesses in ways that they really hadn't before. And so, to me things like being able to livestream exercise classes for fitness centers, or for doctors and dentists, moving to a video appointment very quickly and really seamlessly have both been remarkable and impressive, I think in terms of seeing how adaptive small businesses are and can be, and it's been great and preserving a lot of the small businesses and their viability during the course of the pandemic.