Almost two-thirds (64%) of UK SMEs have not made specific plans to prepare their business for Brexit, according to the fifth annual Collaborate Report from CitySprint.
The report also found that around three quarters (77%) of SME decision makers are as confident or more confident about the future of their business compared to 12 months ago. This sounds good, but CitySprint pointd out that: “This figure is a significant drop from the 85% figure recorded in the 2015 survey, indicating signs of serious concern about the future.”
CitySprint added that: “A significant 43% in the survey said they lack confidence in the [UK] government’s ability to protect their business from the impact of Brexit.”
When asked what support they would like to see for their business from the government, reducing VAT or lowering taxes comes top of the list.
Although there are concerns about how Brexit could impact business in the future, the report found that UK SMES have not felt any significant impact on the bottom line thus far.
Patrick Gallagher, Group CEO at CitySprint Group, commented on the findings: “Whatever difficulties the future holds, it’s ‘business as unusual’ for the UK’s SMEs. They have more than weathered the economic ups and downs of recent years, and by working with each other, they will no doubt continue to adapt to the times. Smaller enterprises are both highly agile and deft at reinventing themselves and the way they work to suit the times. It’s their biggest advantage.”
To download the full Collaborate UK research, visit www.citysprint.co.uk/collaborate