Yorkshire micro-businesses have seen increased demand for services

Almost half of Yorkshire micro-businesses have seen demand for their products or services increase since the start of the pandemic according to research.

Shawbrook Bank’s Micro Business Monitor surveyed UK businesses with 25 employees or fewer to understand the opportunities for more than 5.7m firms in the UK.

In addition to increased demand the research found that almost three fifths (57 per cent) of micro-businesses in Yorkshire and the Humber believe increasing consumer demand for products and services will be the reason behind increased business activity in the next 12 months.

This is followed by 43 per cent that plan to diversify or introduce new revenue streams.

Alun Williams, commercial director of savings at Shawbrook Bank, said: “It’s extremely encouraging to see micro-businesses in Yorkshire and the Humber having such a positive outlook for the next 12 months. This is a real reflection of the agility that allows them to adapt more easily to external factors.

“However, short-term, micro-businesses need to think about upcoming opportunities or challenges and how they will be funded.

“Many firms have experienced huge changes over the past 18 months but have learned to adapt or innovate and are now in a position to expand their offering. Having the availability of business savings will help these firms invest in their future, create new jobs, or upskill staff.”