A poll was conducted amongst 432 SMEs across the UK in the third week of June and we asked 1 simple question – What does the future look like for your business?
One third of respondents indicated that business is pretty much as usual which is really positive news as the same question was asked of SMEs in April, at which time their outlook was far more pessimistic.
Commenting on the poll results, Nick Forsyth said; “The poll highlights the remarkable resilience of SMEs in the UK. Despite everything that has been thrown at them in recent months, they are doing everything they can to be positive about the future.
But the poll also highlights a stark reality, namely that SMEs are facing some very tough times. Not least due to the impending wall of debt expected next year.”
Government support, from furlough and SEISS to tax deferrals and business loans have helped SMEs to survive over the past 3-months. These schemes have injected money into businesses, have enabled businesses to pay their staff and have held off the inevitable squeeze that will follow.
Nick adds; “We are already seeing redundancies and businesses failing due to lack of cash. To use an analogy, we are currently in the eye of the storm. Exiting the storm will be challenging. But there are a number of steps that SMEs can take to survive this storm and build a platform to thrive in the long term.
There are 3 key areas that SMEs need to focus on: their cash, their people and their customers.”
We have produced a handy guide highlighting the Top 20 Things SMEs need to do to safeguard their business which we hope you will find useful.