Many UK SME businesses prioritise survival

The Yorkshire Post reports that 1 in 11 SME businesses in the UK have survival as their first priority, 77% rate current government support as “poor”, according to a survey by the Association of Practising Accountants (APA). Economic uncertainty is one of the biggest challenge over the past year by more than half of the surveyed businesses.

Not surprisingly, 53% said that increases in corporation tax would further hinder their growth. Despite these challenges, 49% of SMEs feel their businesses are in better shape than a year ago, and 78% believe they can handle further interest rate rises. Businesses are calling for the government to provide more support to alleviate the challenges faced by owner-managed businesses.

BFS Comment: 

Interesting that half of those questioned said they are, in fact, doing better this year. Bears out our findings, but only in certain sectors. Sadly manufacturing in general is not one of those! Is your business struggling to survive? If it is, then contact us on 0800 093 5240 or e-mail us at enquiries@bufinserv.co.uk . Ask for a free consultation on possible solutions.