SMEs upbeat for future business opportunities

Following on from the survey back in September, the outlook and positivity of many businesses is undeniably on the up.

The findings from the most recent survey make for interesting reading – including:

• 67% of businesses with more than £5M turnover are projecting increased income.
• 46% of businesses with less than £250k turnover are expecting reduced income over the next 12 months.
• Looking after existing clients, finding new clients and growth are the 3 biggest priorities for SMEs.

These findings, somewhat unsurprisingly, suggests that larger businesses have been more insulated from the negative effects of the pandemic. Smaller firms, with less resources and less of a ‘safety net’ appear on the face of it to be the businesses who have fared less well.

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.

One concern however, is the low number of businesses that are undertaking customer surveys. Keeping close to your customers has never been more important so something that business should look to build into their annual processes.

To see a full summary and our observations of the SME Outlook Tracker Report click here.

We have also produced a handy one-sided leaflet to highlight some of the key steps that SMEs can take to keep their business fit and healthy. This is available to download here.

Here to Help

The landscape will no doubt continue to change over the coming months. As ever, we are here to support you.

If you would like to have a chat about your businesses future goals and aspirations and how we can help you to achieve them, please do get in touch.