8.9 million workers are currently furloughed and the vast demand for Bounce Back Loans is creating a huge backlog in some areas. It’s even forcing small business owners to apply for Universal Credit at £94.25 a week.
The good news is that the lockdown is beginning to ease, with non-essential shops now opening. But how can you keep your small business afloat in these uncertain times? The answer could be to learn from the hospitality industry to diversify your offer. And that digital transformation you’ve been putting off? The time is now.
Pivot your business
Businesses who are weathering the lockdown best are those that have spotted the opportunities to change
Soho House has secured a $100m (£81m) equity injection to shore up its finances after the coronavirus pandemic hampered spending across its global network of upmarket venues.
It is understood that Ron Burkle, the American billionaire who is Soho House’s biggest investor, led a group comprising new and existing shareholders in providing the new money in recent weeks.
Sources said the investment was made at the same $2bn valuation at which the company raised $100m late last year, underlining its backers’ confidence in the future of the business.
Many of the group’s sites have reopened as overseas governments have eased lockdown restrictions, with its UK clubs and hotels hoping to resume trading early next month, in line with government guidance.
Soho House, which has explored a public listing in New York for the last couple of years, has grown at breakneck pace over the last decade, opening clubs in Barcelona,
Ellen McGirt covers race, culture and leadership in a daily column and blog for Fortune called Race Ahead.
Last year, the blog won a National Headliner Award. The judges wrote, “Ellen McGirt’s columns are so needed right now, so helpful to a country struggling with issues of race (and gender, and, and, and ..). They are smart and thoughtful and informative, but also written in just the right tone — a feat in itself.”
Her reporting has taken her inside the C-suites of Facebook, Nike, Twitter, Intel, Xerox and Cisco; on the campaign trail with Barack Obama, and across Africa with Bono to study breakthrough philanthropy.
In the past, she’s written for Time, Money and Fast Company, where she wrote or contributed to more than 20 cover stories. Back when the web was young, she was the founder of a financial website for women called “Cassandra’s Revenge,” and