12 months on and we are all still feeling the effects of the pandemic and no doubt will for some time.
In March, immediately after the Chancellors latest budget, Cartmell Shepherd Solicitors asked 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 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.
Cartmells have 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
The landscape is ever changing and as ever, Cartmell Shepherd are here to support your family business.
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 contact Sam Lyon.
You can speak to him by calling 01228 516634 or click here to send him an email.