Latest research from regional chartered accountants Forrester Boyd has found that over the coming 12 months smaller businesses – those with a turnover of under £250K – are expecting to make fewer staff redundant compared to those with a higher turnover of over £1M.
The research, which was carried out across the UK in conjunction with the UK200Group, of which Forrester Boyd are a member, revealed that only 18% of smaller businesses (with under £250K turnover) are expecting to reduce headcount over the next year. In contrast, almost half (46%) of companies turning over £1M, and 57% of those turning over more than £5M, believe they will be making staff redundant.
On average, a third (32%) of businesses expect to make further redundancies over the coming 12 months. This is fuelled by the fact that 61% of businesses are expecting their revenue to drop over the next 12 months.
Respondents were also asked their top 3 priorities for their business over the next 12 months, the top 3 are:
– Looking after existing clients
– Finding new clients
– Survival
Just 12.3% were looking to develop / invest in their people and even fewer were looking to increase use of technology at 8.3%.
Click here to download the full report.
Paul Tofton, partner at Forrester Boyd commented; “Many businesses are understandably pre-occupied with seeing themselves survive over the next 12 months. Unfortunately, few will come through this period unscathed and if survival means having to reduce headcount, then this may be one of the few options available to them. It’s interesting, however, that smaller companies in the survey appear more resilient and may be an indication that they already run a leaner business than larger businesses.”
“For any business at the moment, the key is to survive and then thrive. With Brexit around the corner and with the winter months looking to deliver more challenges for businesses, the importance of cash flow and business strategy and planning are more critical now than ever.
“Therefore we are working with businesses to deliver a ‘business health check’ service.
“With so many grants, deferrals, loans and tax savings, businesses need to ensure that they have crossed every ‘t’, dotted every ‘I’ and are ensuring they are benefitting from valuable tax savings that many are not aware of,” said Paul.
With offices covering the Humber and Lincolnshire region, Forrester Boyd are offering a no obligation initial consultation with any business who would like to discuss their business structure, strategy and finances.
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