What is the outlook for SMEs?

What is the outlook for SMEs? Tracker Poll results and practical guidance for SMEs on how to futureproof their business

It is now more than a year since the first lockdown and we are all still feeling the effects of the pandemic – and will continue to do so for some time. 

In March, immediately after the Chancellor's latest budget, we conducted a survey with the UK200 Group asking 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 three biggest priorities for SMEs.

These findings, somewhat unsurprisingly, suggest that larger businesses are more insulated from the negative effects of the pandemic. Smaller firms, with fewer 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 poll's results, together with our observations in our SME Outlook Tracker Report HERE.

We have also produced this handy one-page infographic to highlight some of the key steps that SMEs can take to futureproof their business:

Here to Help

The landscape is ever changing, but we are here to support you.

If you would like to have a chat about the future and the practical steps you can take to support your business, please call us on 01273 480480.

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