The Challenge of Getting Back to Business

As businesses across Dorset emerge from the constraints of the Coronavirus pandemic, the Dorset Gateway team is soon to launch a new programme of support funded by BCP Council’s Bounce Back Challenge Fund.

Whilst some businesses have weathered the storm of the last 14 months, there is no getting away from the fact that most have endured some monumental challenges. Whilst the government’s roadmap towards getting life back to some sort of normal has moved forward, there will no doubt be some challenges later in the year after the summer boom.

More than 21,000 business loans totalling over £0.85bn were given to Dorset businesses between April 2020 and 31 March 2021. During that period, more than 134,000 employees have been put on furlough at some point and to varying degrees. Whilst these measures have helped to keep businesses open and have so far avoided mass redundancies, clearly there have been casualties with businesses either folding or having to radically change what they do and how they do it.

Looking at key statistical indicators, we’re aware there is a long recovery ahead for local businesses. Latest figures from Dorset’s Labour Market Insights show that at the end of May 2021, 27,000 people remained on furlough and 6.7% of 18-24 years olds were unemployed across the county. With the Coronavirus Job Retention Scheme – or Furlough Scheme as it has become known – winding down and the first loan repayments now being made, businesses now face another challenge; simply put, “what next?”

Businesses will be considering their cash position even more closely. Hopefully the easing of restrictions will allow for a bumper period particularly in those parts of the economy such as retail tourism and hospitality that have been decimated by the pandemic. There is no doubt, that taking the time to reflect on decisions made during the pandemic and revisiting strategies will be crucial to the future of many businesses in Dorset and across the rest of the UK.

To help with the road ahead we are developing a specialist business support programme called Back to Business.

Funded as part of BCP Council’s Bounce Back Challenge Fund, it will be available to all businesses based in the Bournemouth, Christchurch & Poole Council area, irrespective of size, type or sector. The one eligibility criteria is that you must be looking pro-actively at how you can recover and thrive post-Covid.

Back to Business involves a threestep process: a business health check; improvement workshops tailored to address the areas the health check identifies; and the chance to access focussed-funding of up to £2,000 towards the specialist support you need most. Visit www.dorsetlep.co.uk/back-to-business to find out more and register your interest.