Reawakening the economy – A quarterly survey of owner managed businesses
Businesses are facing change at a rate not seen in generations. The need to pivot, adapt, flex, and rethink has never been greater. Time to think, plan and prepare for post-COVID and Brexit growth is paramount. While this is a huge challenge it also a great opportunity in the coming months.
This research report, conducted by the Association of Practising Accountants (APA) across the clients of their member firms including Kreston Reeves, is an assessment of the challenges owner managed businesses now face.
It captures a representative sample of the aspirations and concerns of these entities as they move from crisis to recovery.
- 11% reported that it is likely they will have to make redundancies in the next 3-6 months, putting a potential 1.85 million jobs at risk across the UK.
- 24% reported a negative or very negative impact on their business since the UK left the EU.
- 53% of respondents identified uncertain trading conditions as their biggest single challenge.
- 15% cited Brexit supply chain issues as their single biggest challenge.
- 84% of respondents reported that they were either confident or somewhat confident that they would be able to access the finance that they needed over the next six months, with anecdotal evidence suggesting that the major banks were continuing to lend.
- Longer term, 54% were more positive about their economic prospects outside the EU while 46% were less positive.
Our team is well resourced and experienced in advising owner-managed businesses, so you can focus on your business. If you have any queries relating to guidance, support, finance or funding for your business, please get in touch with your usual Kreston Reeves contact, or contact me here.
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