In September and October, we asked businesses from across the UK to share their outlook for the next 12 months, as well as how they have fared in the past 12-months.
The results reveal that 34% of businesses have a positive outlook for the future. This compares to 48% of business asked the same question in 2021.
The research, which was carried out across the UK in conjunction with the UK200Group, also revealed that 23% of businesses across the UK have a bleak outlook.
Looking back over the last 12-months, 42% of businesses performed better than the previous 12-months, 19% had a worse period, leaving 39% of businesses saying things were about the same as normal.
Respondents were asked what one word they would use to describe their outlook for the next 12 months and the words uncertain, challenging, cautious and optimistic headed the list.
We also asked respondents what one word they would use to describe their biggest concern for the next 12 months. Not surprisingly ‘inflation’ & ‘costs’ headed the list. Closely followed by ‘economy’ and ‘uncertainty’.
This research shows that growing uncertainty due to factors including the economy, inflation, the war in Ukraine and the cost-of-living crisis, are directly affecting business confidence.
However, it’s not all doom and gloom. There are positive signs with many businesses having just had a better 12-months than they expected. Now more than ever is a time for businesses to ensure they have their ‘house in order’. Businesses need to focus on getting the basics right. Make sure you are up to date with your tax and other financial affairs, have control of your cashflow and finances, and review your supplier and customer contracts.”
You can see a full copy of the tracker outlook results on our handy infographic which is attached.