In September and October, we asked businesses from across the UK to share their outlook for the next 12 months, as well as how they have fared in the past 12-months.
The results make for positive reading with 48% of businesses having a positive outlook for the future.Looking back over the last 12-months, 36% of businesses performed better than the previous 12-months, 37% had a worse period, leaving 27% of businesses saying things were about the same as normal.
Despite the positive outlook from 48% of businesses, 16% of the business community is reporting that things look bleak. With approximately 6 million businesses across the UK, this equates to just under 1 million businesses that are potentially seriously concerned for the future of their business. The knock-on effect of 1 million businesses struggling could have serious consequences for the whole economy.
Whilst this research is encouraging, we must not get ahead of ourselves, and we urge businesses to ensure they have their ‘house in order’. Now is a time to take stock of your position, make sure you have control of your cashflow and finances, and review your supplier and customer contracts.As we see the economic and wider impact of the pandemic taking effect, including the introduction of measures from the Chancellor in his most recent budget, businesses need to focus on getting the basics right. Make sure you are up to date with your tax and other financial affairs and expect to see the HMRC being more proactive with businesses going forward.
You can see a full copy of the tracker outlook results on our handy infographic below.
Here to Help
The landscape is ever changing. As ever, we are here to support you. If you would like to chat about how you are faring and what the future looks like, including getting a good understanding of what the chancellors latest measures mean for you and what is coming next, please do get in touch. You can contact the team here, or call our Southend office on 01702 466 886.
