Throughout these extraordinary times, knowledge sharing is proving to be the most effective and fastest route to overcoming the challenges we face today.
In this Business Support Hub, we're pleased to be able to share a wealth of insights, advice and resources that are being generated by our global international Ecovis network of firms, business partners, clients and government.
What is the outlook for SMEs?
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, in collaboration with other members of the UK200 Group, we asked our clients 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.
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.
You can see a full copy of the tracker polls results together with our observations take in our SME Outlook Tracker Report (please download here). We have also produced a handy one-sided leaflet to highlight some of the key steps that SMEs can take to futureproof their business. This is available to download here.
Here to Help
The landscape is ever changing. As always, we are here to support you.
If you would like to have a chat about the future and the steps you can take to futureproof your business as well as the practical steps you can take to support your business, please do get in touch.
These continue to be challenging times. We want you to know that we are here, ready and able to help.
Visit our COVID-19 Updates to read more and download our handy summary of the key support that may be relevant to businesses from a cash flow and growth perspective.
To help businesses plan and take action for the new rule changes from 01 January 2021, our Beyond Brexit hub contains relevant guidance and free resources. Free downloads include updates tackling key changes to VAT & Customs, a handy 15-point Action Plan and helpful Guide containing
- Clear and simple sections explaining the key implications of Brexit
- Links to resources, tools and further information; and
- Guidance on steps businesses need to take to prepare for Brexit
In our "WE'RE IN THIS TOGETHER" weekly series, we've teamed-up with specialists in IT, HR, Legal, and Finance, who will be sharing their experience, knowledge and practical tips - all to help our client community survive and thrive during these uncertain times.
Click here to read more.
HELPING YOU NAVIGATE THROUGH THE UNKNOWN