Nearly a third of UK businesses concerned about surviving next 12 months
Addition, the outsourced finance solution for SMEs and startups, has published a new national survey highlighting the main concerns for small business owners over the next 12 months. The results showed that surviving without government support is the biggest concern for businesses in the UK with nearly a third (29%) worried about the potential impact on their future.
The data also revealed that a quarter (25%) of business owners flagged managing costs as a major concern over the next year, while 24% of those surveyed also believed that attracting and recruiting the right talent was going to be a massive challenge. As the UK reopens and Covid restrictions ease, businesses across the UK will have to once again adapt to the ‘new normal’, and try to survive as demand, costs and recruitment needs fluctuate in the immediate future.
Addition’s goal is to give small businesses the financial savvy of big ones. They offer the full suite of financial services – from bookkeeping to growth funding. Their flexible plans offer scale-up options for the fraction of in-house finance team costs. The forward-thinking firm is currently a financial ally to 150 startups (from pre-revenue to £10m turnover), supports growth and offers expert guidance at each step of their business journey.
Addition founder and CEO, Graham Davies, commented, “At Addition, we believe it is critical to understand all the concerns business owners have in the short-term, so we can support them through the next 12 months and beyond. As government help ends and demand begins to fluctuate alongside the economy, there are many positives for businesses to look forward to – but these changes also bring challenges.
Understanding your financials is vital to overcome these challenges and drive business growth. At Addition, we don’t just want to take the numbers off your hands. We want to empower you with targeted insights and 1-1 support – until you’re so big, you don’t need us anymore.”
