The Federation of Small Businesses has released its latest Small Business Index (SBI) which shows confidence dropping amongst members. The SBI is down to +15 in Q2 2017 from +20 in Q1, marking the first fall in the index since the EU referendum decision.
In other news, however, research by the Association of Accounting Technician reveals more small business owners are positive (22 per cent) than negative (18 per cent) about the current impact of the Brexit vote on their business. 40 per cent of small and medium sized businesses (SME) owners said they were optimistic that Brexit would ultimately be a success, whereas 36 per cent were pessimistic about its chances. Around a quarter believed Brexit would ultimately have a positive impact on their business, about the same number as those that felt it would have a negative impact.
Commenting on the impending withdrawal from the European Union, a spokesperson warns that many businesses may be in denial over Brexit, with some refusing to acknowledge the “significant risks” that could accompany the UK’s departure from the EU. Many are yet to protect themselves from the imminent Brexit fallout, in what is becoming “an increasingly risky and untenable strategy.”
For information about how we can assist by putting processes in place to lessen the impact of Brexit on your business, contact Steve Govey or your usual Beavis Morgan Partner. Our SME business experts at Beavis Morgan are available to structure your business with cashflow and profit forecasting to measure performance and maximise opportunities. We work to a pre-determined plan, to help you avoid any nasty surprises.