What is the outlook for SMEs?

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Practical Guidance for SMEs looking to Futureproof their business

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 asked 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.

SME Tracker Graph

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.

We have also produced a handy one-sided leaflet to highlight some of the key steps that SMEs can take to futureproof their business

If you would like to discuss this topic further please contact us on 0845 555 8844 or complete our enquiry form and we will get in touch with you.

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