Andrew Griggs BA FCA CF
- Senior Partner and Head of International
- +44 (0)330 124 1399
- Email Andrew[email protected]
Suggested:Result oneResult 2Result 3
Sorry, there are no results for this search.View all people
Inflationary pressures pose a huge risk to the SME sector with 87% of owner-managed businesses reporting these will impede their growth in 2022. That is one of the key findings from research conducted by the Association of Practicing Accountants (APA) across clients of their member firms, including Kreston Reeves.
The survey of 335 businesses reports:
Despite these challenging economic headwinds, there is also evidence that those businesses that have survived the pandemic are now more resilient and more confident:
Andrew Griggs, Senior Partner said: “The uncertainty following the Covid pandemic, the UK’s new relationship with its largest trading partner and now conflict in Ukraine, together with pent-up consumer demand, rising inflation and energy prices, will continue to create challenging economic and trading conditions for many months if not years to come.
“Now is the time for businesses to rethink and look towards building a business for the next decade. That will mean addressing immediate challenges and, in the longer term, recalibrating business models. A ‘whole business’ view and an investment mindset is needed to build tomorrow’s business.”
Martin Muirhead, APA Chairman, said: “Having navigated Brexit and the pandemic, owner-managed businesses are now confronted with the double challenge of rising inflation and increased energy costs. Many of these businesses have done well to survive the last two years. Having looked forward to a period of economic stability post-Covid they are confronted with the opposite. It is imperative that the UK Government take a more realistic view of our future trading relations with Europe recognising that labour shortages coupled with an altogether more challenging export environment pose a real threat to recovery.
“Policymakers also need to recognise that uncertainty remains across many sectors of the economy and that businesses want reassurance as well as clear and unambiguous advice and support. Adopting a flexible approach to business policy which recognises the many challenges facing owner-managers will be key to a sustainable recovery.”
If you would like to receive a copy of the detailed owner-managed research report, please request your copy by completing our contact form.
Share this article
Our complimentary newsletters and event invitations are designed to provide you with regular updates, insight and guidance.
You can unsubscribe from our email communications at any time by emailing [email protected] or by clicking the 'unsubscribe' link found on all our email newsletters and event invitations.