Over 12 months on and we are still feeling the effects of the pandemic and will for some time.
In March, immediately after the Chancellors latest budget, we worked with UK200Group to ask SMEs across the UK to share their outlook for the next 12 months. The findings make for interesting reading – including:
• 46% of businesses with less than £250k turnover are expecting reduced income over the next 12 months.
• 67% of businesses with more than £5M turnover are projecting increased income.
• Looking after existing clients, finding new clients and growth are the 3 biggest priorities for SMEs.
These findings, somewhat unsurprisingly, suggests that larger businesses are more insulated from the negative effects of the pandemic. Smaller firms, with less resources and less of a ‘safety net’, are feeling the effects more severely.
It is encouraging to see that 64% of businesses have reviewed their cashflow – a vital step to take at all times but even more so in these turbulent times.
A concern is the low number of businesses that are undertaking customer surveys. Keeping close to your customers has never been more important.
You can see a full copy of the tracker polls results together with our observations take in our SME Outlook Tracker Report.
We have also produced a handy one-sided leaflet to highlight some of the key steps that SMEs can take to futureproof their business. This is available to download here.
Here to Help
The landscape is ever changing. As ever, we are here to support you.
If you would like to have a chat about the future and the steps you can take to futureproof your business as well as the practical steps you can take to support your business, please do get in touch.
The landscape is ever-changing. As ever, we are here to support you. You can contact the team here, or call our Southend office on 01702 466 886.
TBL Accountants are your local accountancy firm operating in Southend and across Essex. We specialise in a variety of services as personal, business, and charity accountants. Want to find out more? Get in touch with our team today.
Here for you.