Baines Jewitt’s most recent research reveals that a third (35%) of businesses maintain a positive outlook towards the future. This is a slight increase from last year’s 34%, but still less than the 48% recorded in 2021.
The survey, carried out in partnership with the UK200Group across the country, also found that 14% of businesses hold a bleak outlook, a significant decrease from the 23% reported in 2022.
In retrospect, the past year has been a mixed bag for businesses. Approximately 30% reported better performance compared to the previous year, while 28% experienced a downturn. A significant 42% of businesses reported their performance as being on par with the usual, indicating a sense of stability amidst challenging times.
When asked to describe their outlook for the upcoming year in one word, responses varied, with ‘positive’, ‘challenging’, ‘optimistic’, and ‘hopeful’ being the most common. The most frequently used term was ‘positive’, suggesting cautious optimism amongst businesses.
Businesses were also asked to name their biggest concern for the forthcoming year in one word. The consensus pointed towards economic conditions, political uncertainty, and staffing issues. These concerns highlight the broader challenges faced by businesses in today’s unpredictable and potentially difficult economic and political landscape. Successfully navigating these challenges will necessitate careful planning, flexibility, and resilience.
The past year has shown signs of recovery, with many businesses either improving or returning to ‘normal’. As we approach the 2024 election and anticipate a return to more stable trading conditions after a few turbulent years, it’s crucial for businesses to ensure they’re well-prepared. Now is the time to get back to basics: stay updated with tax and financial affairs, maintain control over cash flow, and review supplier and customer contracts.
We’re committed to helping businesses plan ahead and navigate these challenges. If you’d like to discuss how to prepare your business for the future, please get in touch.
