Research by Premium Credit highlights that over half of SMEs are concerned about rising taxes, leading to pay and recruitment freezes. While 26% plan to limit pay rises and 19% to halt recruitment, optimism prevails regarding revenue growth, with 53% anticipating increases. Challenges like late invoice payments (20% report worsening issues) and tightened credit access further complicate cash flow. However, innovation drives positivity, with many firms planning product launches and market expansions despite economic pressures from the cost of living crisis.
SMEs are planning pay and recruitment freezes in response to government tax rises, with a distinct focus on limiting expenditures and innovation.
Despite fears surrounding tax increases, 53% of SMEs anticipate growth, propelled by innovation and new product launches within the upcoming year.
The research indicates that one-in-five SMEs is facing worsening cash flow issues, notably due to delayed payments affecting their financial stability.
While tax concerns loom large, only 13% of SMEs are uninhibited by such challenges, showcasing a spectrum of responses within this business segment.
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