BUSINESS MANAGEMENT AND LEADERSHIP PROJECT
314MANEL: RESEARCH PROPOSAL
THE NEGATIVE IMPACT OF COVID 19 ON SMALL BUSINESSES IN THE UKDURING THE LOCKDOWN
1
Abstract
This proposal focuses on economic diversification in the time of the pandemic and the effect of this particular pandemic has created a critical situation over the small and medium companies of the UK. This research will shed light on the situation of the small and medium business of the UK and the related effect. The changes and the probable use of the financial tools are important in this case. This project highlighted the different professional real-life experiences in the pandemic situation faced by the managers and the people connected with the small and medium business.
Table of Contents
Abstract    1
1. Introduction    2
1.1 Background of the Research    2
1.2 Significance of the Research    2
1.3 Research Gaps Fulfilled    2
2. Research Questions    2
2.1 Research Questions    2
2.2 Importance of Research Topic    2
3. Research Aim and Objectives    3
3.1 Research Aim    3
3.2 Objectives    3
3.3 Key Aspects of the Research    3
4. Literature Review    3
4.1 Previous Researches relevant to the Topic    3
4.1.1 Effects of Small-Firm Credit Guarantees during Recessions    3
4.1.2 COVID-19 Pandemic and Its Implications for Rural Economies    3
4.1.3 Accounting, Budgeting and Fiscal Impact of COVID-19 on UK    4
4.1.4 Possible Macroeconomic Impact of Influenza Pandemic on UK    4
4.1.5 Impact of Covid-19 on SMEs in UK    4
4.1.6 Economic Impacts due to Covid-19 Pandemic    5
4.1.7 Development of E-commerce due to Covid-19 Pandemic    5
4.2 Research Question and its Contribution to the Research    6
5. Research Methodology    6
5.1 Research Techniques    6
5.2 Advantages and Disadvantages of Choosing Primary Quantitative Research    6
5.2.1 Advantages    6
5.2.2 Disadvantages    7
5.3 Data Collection Procedures and Difficulties    7
5.4 Data Analysis Technique    7
6. Ethical Considerations    8
7. Proposed Timescale    8
References    10
1. Introduction
1.1 Background of the Research
The Covid-19 virus outbreak initiated in the Wuhan district of China and later on spread across the world. This virus has been created in different epicentres around the world and one of the epicentres was the United Kingdom. This virus seriously attacked the UK and later on, the virus has created a negative impact on the business and altogether the economy (Alao and Gbolagade, 2020). This virus has affected the social and economic balance of the UK, different business fields especially the hotels and hospitality business faced the tremendous loss of billions. The effect of this particular virus has also affected the stock market of the UK and the entire business world.
1.2 Significance of the Research
This research focuses on small and medium enterprises that are very important in the case of the economy. The vital issues such as the growth of the market, the money transactions, profit and shareholders involvement and effects are important issues in this situation to evaluate the situation and this particular research focuses on that.
1.3 Research Gaps Fulfilled
The small business restricts investing into marketing that in this situation worked negatively and affected their revenue or turnover (Rose et al. 2020). The future prediction and the use of different tools such as the professional analysis of the market are missing in most of the companies, which will be amazing to mitigate through this research.
2. Research Questions
2.1 Research Questions
· What are the impacts of Covid-19 pandemic on the UK?
· How has the functioning of small businesses in UK changed from pre-Covid era to post-Covid era?
· What are the positive and negative impacts of lockdown due to Covid-19 pandemic on small business companies in UK?
2.2 Importance of Research Topic
This topic is valuable especially to evaluate the current situation of the business and the economy of the UK and this particular research will highlight the effect of the pandemic over the grassroots level of the economy and the way this situation can be changed through the implementation of particular tools.
3. Research Aim and Objectives
3.1 Research Aim
The aim of this proposed research is to analyse critically the negative as well as the positive impacts of Covid-19 on the small businesses in the UK during lockdown, in the specific context of the shoes manufacturing companies.
3.2 Objectives
· To analyse the impacts of Covid-19 pandemic on the UK
· To analyse comparatively the functioning of small businesses in the UK in pre-Covid and post-Covid eras
· To analyse the positive and negative impacts of lockdown due to Covid-19 pandemic on small business companies in UK
3.3 Key Aspects of the Research
This research will focus on the situation of the small business of the UK and the way, the pandemic has created a deep impact on them, the changes and the economic fall down. The financial tools can be effective in this situation and help the business to achieve its future goals.
4. Literature Review
4.1 Previous Researches relevant to the Topic
4.1.1 Effects of Small-Firm Credit Guarantees during Recessions
Credit guarantees are one of the popular policy responses during the crisis and the pandemic effect has created the negative impact in the business marketing, which leads to the increment of this credit guarantee. The UK has to face the changes due to their great recession and in that situation, credit guarantees are one of the primary support systems that has been working thoroughly to develop the situation (Gonzalez-Uribe and Wang, 2020). The CGS helps to increase the productivity and on the other hand the growth of the small companies, performances and the devotion of the employees towards the company. The credit guarantee supports many companies to run their business in the pandemic situation.
4.1.2 COVID-19 Pandemic and Its Implications for Rural Economies
The ruler effect of the pandemic and the effect over the small business are huge. The effect of the particular business such as the supply or delivery business of food, grocery or any online shopping stores has faced the issues of panic buying and sudden change in the pattern of the customer's behaviour. The various types of the changes have been connected with this pandemic effect (Phillipson et al. 2020). This Covid-19 pandemic has created a negative impact on the supply chains of the small business and the lack of raw material or labour made this situation more complicated.
4.1.3 Accounting, Budgeting and Fiscal Impact of COVID-19 on UK
The accounting and the budgeting take a sharp turn in this situation. The government and the sectors related to finance are thoroughly changing their policy and they are more into the effective and sustainable side (Heald and Hodges,...