A recent survey of 566 UK SMEs has shown that 48 per cent of respondents believe that their business costs will rise in the wake of the vote to leave the European Union. 36 per cent have put recruitment plans on hold, with 52 per cent indicating that liquidity within the UK financial markets is a concern. More optimistically, however, small firms have said that they are looking to other markets for opportunities, with Germany being seen as a priority export market.
Looking ahead, the better performing sectors are likely to be those who adapt best to changes in customer demand or the local market. With the uncertain economic environment, it is more essential now than ever for business leaders to be adaptable, whether by embracing innovation, adapting their products, adjusting their business models, transforming their teams or improving their bottom lines. The businesses who seek expert advice early are those most likely to be able to turn their business prospects around.
At Beavis Morgan we work with a wide range of businesses of all sizes and across many different business sectors, whether it be strategic planning, system implementation, business turnaround or improving business performance for the future. For further information about how we can help you and your business, contact Steve Govey or your usual Beavis Morgan Partner.