British business is getting back on track, with resilient entrepreneurs up and down the country showing signs of recovery after overcoming the obstacles of the Covid-19 pandemic.

The past two years have seen half of small businesses suffer significant financial setbacks; 54% had to introduce new emergency revenue streams to survive the winter months after Omicron and supply chain troubles.

But according to a new ‘How to Recover’ report from Small Business Britain and TSB Bank, four-fifths (86%) of entrepreneurs are fighting back. They believe their business will survive this year, despite half admitting financial stability has taken a hit. Two thirds (66%) of business owners are also optimistic that they will grow in 2022.

Small Business Britain launches an eight-step plan to help businesses rebuild and combat challenges.

Commenting is Michelle Ovens, founder of Small Business Britain. “The last two years have brought a rollercoaster of fortunes for small businesses. Each time it seems a corner has been turned, another hurdle has arisen. It is incredible how small businesses have used their entrepreneurial instincts to dig deep and keep going. But keep going they must.

“With the right mindset and the help of support networks, innovations like technology and new products and services, small businesses can make it through this crisis and be well-positioned for recovery.”

The guide includes embracing a growth mindset with an openness to adapt. It also advises to embrace change and try new things to overcome crisis; something that has led half of small businesses to adopt innovation, technology and skills to get through the troubling year. Forty-nine per cent have also used government grants to keep their businesses stable.

As well as a change of mindset and embracing change to get businesses on the road to recovery, Small Business Britain is recommending businesses get help from others through networking; taking advice from mentors to gain inspiration and solve problems, while also prioritising their staff and customers to gain a greater insight into where they can improve.

Adopting new technologies to connect to a digital audience and build skills can also increase revenue and boost productivity. Flexible businesses with backup plans in place are more likely to survive an unpredictable economy.

And while the pandemic has posed a challenge for the whole of the business world, Small Business Britain encourages businesses to invest in core areas for future growth where possible. Making sure mental health remains a priority for business owners is also key.

Ovens continues; “We hope that the small firms out there struggling – and there are many still feeling very vulnerable – can use the practical advice in this guide as a roadmap to find a way back to growth.

“However, there is of course a limit to what small businesses can do. There is still a need for continued support; from the government, bigger businesses and the public. And it’s vital that this support is inclusive, so it reaches everyone across the small business community.”

Business Minister, Paul Scully, adds; “Following a challenging two years for businesses, during which the government has offered an unprecedented £400 billion package of support, I am pleased that two-thirds of firms expect to grow this year.

“The government is doing everything it can to bolster small businesses, with schemes like Help to Grow giving business leaders the expert management training and digital skills they need to boost their performance and profitability.”

Also commenting is Adeel Hyder, Business Banking Director at TSB Bank.

“Despite a thoroughly testing two years, British businesses are bouncing back with renewed optimism in achieving stability and growth. But we know they face ongoing challenges. I hope the Small Business Britain report helps by setting out a clear roadmap for businesses to rebuild and grow.

“We’re committed to providing the support that businesses need. We’ve just launched a new app, Revenu, to help customers get paid faster alongside our ‘Business Talk’ hub and our partnerships with contactless and digital payment providers.”

Small Business Britain’s ‘How to Recover’ report breaks down the eight recommended recovery steps into a detailed action plan for entrepreneurs in 2022. It is available to download for free here.