Research shows that a gap is emerging between UK businesses regarding the impact of Brexit, with small and medium sized businesses (SMEs) feeling less confident about a post-Brexit future than larger businesses.
Just 35 per cent of SMEs expect the vote to have a positive impact on their business, as opposed to 56 per cent of their larger rivals. A quarter of SMEs also believe that the economic situation will worsen after the UK leaves the European Union, while 79 per cent of large companies say they are ready to embrace the opportunities presented by Brexit.
“SMBs form the backbone of the UK economy and it should be cause for concern that the small business community is increasingly pessimistic about the consequences of Brexit,” says a spokesperson commenting on the findings. “Most of them don’t like the uncertainty that comes with such substantial changes to the economy and the labour market.
“However, it is important for them to remember that not everything is doom and gloom. By making preparations now and looking at how the Brexit will potentially impact their organisation, SMBs can make sure they make it through the stormy months and years ahead without putting their business at risk.”
Our experts at Beavis Morgan work with SMES across a broad range of sectors, assisting with their business plans, establishing the market for their product through research, analysing their financial requirements both now and for the future, and putting processes in place to enhance cashflow, leverage tax smart strategies, minimise risk and drive financial success and business performance.