On Friday the 24th of April, Deltra Group were joined by TEDx speaker and retail business transformation expert, Bilyana Georgieva, to unpack what our new normal for the retail sector looks like when business is in survival mode.

Bilyana kicked off our first instalment in this exciting new series by highlighting the challenges faced by the retail sector due to the coronavirus pandemic. From budget cuts to a lack of resource, it's a tricky place to be for business transformation professionals. We then explored the possibilities that a decentralised transformation team can bring and looked at 4 different options outside of the typical organisational structure that could make life easier and release some much needed budget.

After casting some of our aspersions aside with these different structures and how they could work, we then looked at what sort of funding options are out there to help with business continuity where the retail sector and business transformation is concerned.

What help can we expect from the UK government to keep the digital transformation projects going?

Use UKRI (UK Research and Innovation) for:

Funding – on 20 Apr UK Gov announced:

• £500m investment fund for high-growth firms
• £750m of grants and loans for R&D focused SMEs 
• R&D Tax Relief 
• How does the UK government invest in R&D?

What help can we expect from the EU R&D grants?

• Some research and development grants are provided by EU funding programmes, such as Horizon 2020 and Eureka Eurostars. Whether UK businesses can continue to access these grants depends on what is negotiated as part of Brexit.
• For guidance on the current availability of EU research and development grants, ask Innovate UK or your local contact point for the Enterprise Europe Network

What other support and options can we get if we don’t have the budget for Digital Transformations?

• We can do joint ventures or joint collaboration projects with startups and their angel investors
• Speak with the British Business Bank and negotiate special loans
• Your professional or trade association should be a useful source of information on sector-specific grants. Some associations have their own schemes as well.
• Other useful info: BIRA Coronavirus Hub and Technology & Development Grants

If you'd like to tune into our second and third instalment in this series on what to expect after the pandemic and how to get back on your feet, head over to our The New Normal For Retail web page for more information.