Barclays has launched a toolkit to help UK SMEs get back on their feet as they navigate the uncertainty created by coronavirus.
The ‘Barclays Back to Business’ programme is designed in partnership with the Cambridge Judge Business School. It is open to all UK SMEs in addition to the bank’s one million small business customers.
With nearly two-thirds of businesses (65%) reporting that they will change their business practises in response to coronavirus, the bank hopes the programme will provide the support needed to adapt.
Barclays has been piloting the toolkit with 100 businesses from different sectors over the last few weeks. This is ahead of a full trial launch on 22 June, with everyone from farmers to hairdressers testing the programme.
The toolkit aims to help business owners assess the overall health of their enterprise.
The aim then is to create a tailored resilience plan for challenging periods. Practical tools available include a working capital calculator, cash flow forecasts as well as guidance on managing supply chain relationships.
Andy Moss, CEO of Cube International Ltd, an events company based in Worcestershire, says; “Covid-19 has had a big impact on our industry, which is predominantly sporting events and music. Trialling the Back to Business toolkit has been very enlightening.
“It has not only refreshed my memory of the practicalities of running a business but has refocused my attention on the fundamentals. The next 12 months are going to be tough as we wait for the industry to return. Having the toolkit as an easy to follow resource will allow me to review new solutions for the business in the meantime.”
Also commenting is Christoph Loch, director of Cambridge Judge Business School. “Many entrepreneurs and businesses will be looking for new opportunities during this time. We know they’ll be asking themselves what their strategy should be as they look to adapt to best serve their customers.
“During the online programme, we’ll lead businesses through that thinking; stepping away from the day to day operations to look at the opportunities and a longer-term strategy with the help of our business toolkit.”
The toolkit is the latest measure in a package of support Barclays is offering to support SMEs.
For instance, the bank has facilitated £16.7 billion into the economy through government lending schemes. Earlier this month, it also launched the ‘Get Local’ partnership with Nextdoor, the neighbourhood hub.
Get Local works to help SMEs promote their skills and services to their local community in a safe way. It also lets customers know that SMEs are open for business.
Hannah Bernard, head of Barclays Business Banking, adds: “We’re proud to provide a platform for business owners to hone their skills and access vital resources as businesses across the country continue to be impacted by coronavirus.
“We stand behind UK businesses and are always looking for new ways to provide help and support to entrepreneurs, business owners and sole traders across the country.”
Businesses can find out more about the Back to Business toolkit and sign up here.
