Have you downloaded your free SME Business Survey report yet? More than three quarters of SMEs predicted their turnover is set to increase over the next 12 months, according to our SME Business Survey.
The second annual SME Business Survey, which we launched last year during the pandemic, showed that despite a second year of COVID-19 related restrictions, many businesses diversified and strengthened their offering, standing them in good stead for 2022.
SME Business Survey Results
The report, which was produced in collaboration with Nordens and Essential Safety, highlighted a number of key themes from respondents including potential recruitment challenges in light of the ‘great resignation’, 77% of SMEs predicted their turnover would increase over the next 12 months; and many expect to diversify their offering to secure new business.
Half of the SMEs questioned stated recruitment could be a major challenge for them during 2022, whilst 37% anticipated difficulties with employee retention.
The pandemic has led many employees to re-evaluate their careers, demanding increased flexibility or choosing to take a completely different path in their working lives.
Similarly, employers themselves have had to diversify and consider new ways to reach their audience due to the Covid restrictions enforced during 2021.
40% of participants stated that they will aim to diversify their offerings and routes to market this year as 44% are concerned about securing new business in the current climate.
However, of the companies surveyed, 27% believe a business restructure is likely to take place, showing that businesses are also looking internally at ways to increase profit and become more dynamic.
You can download your free report here which includes our recommendations based on the research we have collected.
Of these recommendations, a key area is for businesses to look at staff retention, company policies and company culture in order to improve recruitment.
As well as considering a financial review of costs and reintroducing training and networking opportunities to help stay competitive.
We will continue to support SMEs in the midst of ‘the great resignation’ and potential economic challenges by hosting a series of webinars with experts in finance, marketing, HR and health and safety.
If you would like to watch any of our previous webinars, you can do so here.
Download your report
To download your free SME Business Survey report, simply visit our dedicated page.
If you would like to learn more about how our outsourced HR services can support your business please contact us.