With Brexit negotiations ongoing, UK businesses continue to face large amounts of uncertainty. Yet despite the ambiguity, our most recent Business Survey has revealed that underlying growth remains strong with 51% of UK businesses reporting increased turnover in the last 12 months.
This has given rise to cautious optimism with opportunities appearing in a range of areas: almost half of businesses (45%) predict an expansion in sales in the UK, 28% an increase in sales to non-EU countries and 21% expecting less red tape from Brussels. The first stat certainly correlates with the wider picture from our Q2 SME Confidence Tracker – a quarterly survey tracking the confidence of UK business – with 37% reporting increased sales in Q2 2017, a rise of 4% from Q1 2017.
Half of the businesses surveyed (50%) felt they that they would be exposed if consumer confidence weakened in the face of rising inflation. Compounding this, one in three businesses (33%) see potential risks in retaining or recruiting staff, which may lead to an increase in wage costs and in turn add further pressure on their finances.
Bibby Financial Services has been supporting businesses of all sizes since 1982 and is the UK’s largest independent invoice finance company, unlocking working capital for a range of scenarios. Trusted partner for over 7,000 UK businesses, we can help deliver the business growth you need.