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Welcome to our 2022/23 SME Business Survey. Just as we did the past two years, we’re aiming to gain a deeper understanding of the next 12 months and how SMEs plan to navigate the changing business climate.
Once again, our SME Business Survey focuses on the areas that matter to you most, from impact of rising costs to recruitment and employee retention.
AS WE LOOK TO HEAD INTO 2023, WE DO SO WITH TARGET AND PLANS FOR WHAT WE HOPE THE NEW YEAR WILL BRING.
How do you see your business managing new challenges – such as tax rises, staff recruitment, or political uncertainty? Will these external factors become a platform from which you and your business can thrive, or will they prove to be a struggle to overcome? Employment legislation and changes may impact your business and create a level of uncertainty or you may be faced with financial challenges as a result of rising costs and inflation. Decision making is key in business and looking ahead to 2023, we ask what your biggest decisions may look like and how they will determine the overall performance of your company.
Participants of the 2022 SME Business Survey will be the first to receive our in depth analysis of the SME landscape.
This report will build upon the results that we gather and analyse the key themes that have emerged, from how SME owners felt 2022 was to how they intend to tackle the year 2023. Whatever your plans are for 2023, our SME Business Survey will enable a clear insight into the minds of other SME owners which you can use to your advantage.
The past three years that we have carried out our survey, have arguably been three of the most challenging years for SMEs for some time. Last year’s survey found that SMEs were keen to manage their costs more effectively whilst also highlighting that recruitment was set to be a serious challenge. The survey allows us to do a ‘stock take’ on key trends for SMEs, and reflect on how the market is changing.
ACTIONS FROM 2021/22 SME BUSINESS SURVEY
In response to the challenges identified in the 2021/22 survey, we worked with a number of SME partners to deliver further guidance and support in key areas including business finance, employee retention and recruitment.
You told us that employee retention was an important factor for your businesses to focus on and that got us thinking.
What could improve employee retention?
We teamed up with Vestd to consider The Great Resignation and whether share and share option schemes could be the answer?
Ifty Nasir, the founder and CEO of Vestd joined us to explain how share and share option schemes can attract the best talent, encourage employee retention, and help to build a better, fairer businesses.
Looking at key ways to retain your top performing employees naturally led us to consider how businesses cope when they are forced to recruit.
A lot has changed following Brexit and COVID-19 in how we engage with applicants, select and onboard.
In this webinar we were joined by guest panellists Michael Jay from REED online, the UK’s number one job site and Teilo Morgan from Teamtailor; the leading organisation in applicant tracking systems.
Together, they gave their insights on the future of recruitment and how to secure top candidates within a challenging recruitment market.
We have teamed up with Nordens Chartered Accountants to deliver a webinar on boosting your business finances.
We know from our SME Business Survey results that cash flow within businesses is more important than ever at the moment, there are so many ways that you can make sure that you are doing what you need to optimise the cash within your business.
The team at Nordens discussed the importance of cash flow and forecasting to make sure you have what you need when you need it.
They also looked at how you can make the most out of your profits, and refinancing options you should be considering if this is something that you are thinking about.
They explored tax-efficient employee incentives and share options followed by a Q&A.
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