Thousands of British retailers are at risk ahead of the triple-blow of tax hikes which will raise costs and dampen consumer spending.
According to a recent study, nearly 23,000 retailers were under significant financial stress at the end of the first quarter, an increase of four per cent compared with the previous year.
The findings are further backed by this morning's news from Visa that spending in March on the high street fell by 1.3 per cent. Its latest consumer spending index revealed the weakest quarter for spending growth since 2013.
With a large number of retail businesses at risk of becoming insolvent this year, business owners must work hard to win customer loyalty, adapt to the ever-changing customer demands, increase productivity and strengthen their market position.
At Beavis Morgan, our specialist advisers work with a number of retail businesses, helping them with strategic planning, system implementation, business turnaround and improving business performance for the future.
We are available to structure your business with cashflow and profit forecasting to measure performance and maximise opportunities.
If you have any concerns about the financial position of your retail business, speak to our experts at BM Advisory – the sooner advice is taken, the greater the range of options that could be available to you to resolve any issues and get your business back on the right track.