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:
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.