intelligent

Small businesses in the UK have had to cope with an onslaught of challenges throughout the last year and as a result , many do not have high hopes for the new year . A survey of 600 small business owners carried out by Simply Business , a small business insurance provider , has revealed their key challenges and concerns , with a quarter concerned that they will not be able to pay their bills in 2023 .

ORE THAN FOUR in five ( 81 %)

The survey of over 600 small business owners , commissioned by small business insurance provider , Simply Business , has revealed the key challenges and concerns facing SME owners in the new year , with a quarter ( 26 %) worried they simply won ’ t be able to pay their bills in 2023 .

Other worries include the number of sales and customers available in the new year ( 43 %), while one in three ( 31 %) small business owners are worried about the uncertainty over inflation and interest rates . There is also concern around growing supply chain issues , with a fifth ( 22 %) worried about the supply and material shortages caused by the ongoing geo-political unrest .

As a result , 15 % have no confidence in their business heading into the new year with the reality of the cost of living crisis also affecting the way that SMEs can prepare for 2023 .

Three in ten ( 28 %) say they ’ re unable to plan or budget due to uncertainty , a tenth ( 10 %) have been unable to order stock and three in five ( 60 %) say their profit margins are down .

This is at a time when many are still in recovery mode . Over two years on , one in six still believe that they will never financially recover from the pandemic .

OVER TWO YEARS ON , ONE IN SIX STILL BELIEVE THAT THEY WILL NEVER FINANCIALLY RECOVER FROM THE PANDEMIC .