As members of the UK200 Group, Wake Smith solicitors have access to research surveys and insights within the legal industry. The most recent research carried out reveals that a third (35%) of businesses maintain a positive outlook towards the future. This is a slight increase from last year's 34%, but still less than the 48% recorded in 2021.
The survey also found that 14% of businesses hold a bleak outlook, a significant decrease from the 23% reported in 2022.
In retrospect, the past year has been a mixed bag for businesses. Approximately 30% reported better performance compared to the previous year, while 28% experienced a downturn. A significant 42% of businesses reported their performance as being on par with the usual, indicating a sense of stability amidst challenging times.
When asked to describe their outlook for the upcoming year in one word, responses varied, with 'positive', 'challenging', 'optimistic', and 'hopeful' being the most common. The most frequently used term was 'positive', suggesting cautious optimism amongst businesses.
Businesses were also asked to name their biggest concern for the forthcoming year in one word. The consensus pointed towards economic conditions, political uncertainty, and staffing issues. These concerns highlight the broader challenges faced by businesses in today's unpredictable and potentially difficult economic and political landscape. Successfully navigating these challenges will necessitate careful planning, flexibility, and resilience.
Commenting on the findings Tom Haywood, Associate in our Company Commercial team at Wake Smith Solicitors said, "The survey shows that there is still some optimism. Now is a good time for businesses to go back to basics.
They should be reviewing relationships with their customers and suppliers, ensuring that their terms and conditions are right, that their supply chain still works for them, and getting on top of their finances. Whilst borrowing is still expensive, there is a lot of scope for businesses who are prepared to be creative and opened minded to make their money work harder for them. Most importantly, businesses need to remain flexible, adaptable and able to seize opportunities when they arise.
We're committed to helping businesses plan ahead and navigate these challenges. If you'd like to discuss how to prepare your business for the future, please get in touch with our Company Commercial team by calling 0114 266 6660 or clicking the 'contact us' button below.
