Concerns over business income in next 12 months
Smaller business are projecting reduced income over the next year, new figures show.
Latest research from Robson Laidler Accountants has found that over the coming 12 months, 46 per cent of smaller businesses – those with a turnover of under £250,000 – are projecting reduced income.
But more than 52 per cent of larger businesses – those with a turnover in excess of £1million – are projecting increased income.
Charities and those in non-profit sector are projecting a much larger reduction in income in the coming 12-months.
The research, which was carried out across the UK in conjunction with the UK200Group, revealed that smaller businesses have been hit more significantly than larger businesses.
As well as income projections, smaller businesses are also less likely to be increasing their headcount than larger businesses.
Graham Purvis, Robson Laidler MD, said: “These findings, somewhat unsurprisingly, suggests that larger businesses are more insulated from the negative effects of the pandemic.
"Smaller firms, with less resources and less of a ‘safety net’, are feeling the effects more severely.
"It is encouraging to see that 64 per cent of businesses have reviewed their cashflow – a vital step to take at all times but even more so in these turbulent times.
"A concern is the low number of businesses that are undertaking customer surveys. Keeping close to your customers has never been more important.”