Optimistic Outlook for Businesses across the UK Latest Research Reveals
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.
Dated: 4 November 2021 Author: Daran Harding, Business Development Director
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.
Most business sectors are enjoying record revenues, but the opportunity is to challenge temptation by ensuring businesses take on ‘good’ business and not ‘all’ business. Commercial opportunities invariably have an impact on cashflow and finances and the underlying quality of the opportunity will determine overall profitability.
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.
Please contact us to discuss the challenges you are facing and the solutions available to you by calling 0845 555 8844 or simply complete our enquiry form. Don’t wait, take advice now, we are here to help you.