Small and medium sized businesses (SMEs) are most worried about broader economic issues such as the global economy (84%), cheaper competition (70%), and currency volatility (65%), according to the latest data from the Travelex Confidence Index.
The findings also revealed that 59% of SMEs had little to no confidence in the current economic climate, representing a 32% drop from June and the lowest level of confidence since the TCI began in March 2010.
Top 10 concerns for SMEs
1) Overall health of the economy (84%)
2) Cheaper overseas competition (70%)
3) Currency volatility (65%)
4) Reduced budgets (64%)
5) International regulation/compliance (44%)
6) Credit availability (43%)
7) Efficiency of international payments (39%)
8) Political influence (36%)
9) Reduced sales (30%)
10) Customer loss (27%)
Although credit availability came in at no. 6, SME awareness of Project Merlin is extremely low; 62% had not heard of Project Merlin and of those who had, only one in 20 believed it has helped them obtain credit.
Equally worrying ahead of the Autumn Statement is the fact that 66% of SMEs don't believe the government's efforts to drive an export-led recovery have affected their business, with 48% thinking an export-led recovery unlikely despite policy-makers'
sustained campaign to depreciate the pound. With sterling fluctuating amidst an uncertain global outlook, external risks seem to have reduced the efficacy of the Coalition's current policies.
No comments:
Post a Comment