to participate in our November 2023 Business Confidence Survey where we asked them to share their outlook for 2024.
The findings are in!
How has your business fared over the last 12 months?
In retrospect, the past year has been a mixed bag for businesses. Approximately 30% reported better performance compared to the previous year, while 28% experienced a downturn. A significant 42% of businesses reported their performance as being on par with the usual, indicating a sense of stability amidst challenging times.
What does the future look like for your business?
The results reveal that a third (35%) of businesses maintain a positive outlook towards the future. This is a slight increase from last year’s 34%, but still less than the 48% recorded in 2021.
The survey carried out in partnership with the UK200Group across the country, also found that 14% of businesses hold a bleak outlook, a significant decrease from the 23% reported in 2022.
Outlook for 2024
When asked to describe their outlook for the upcoming year in one word, responses varied, with ‘positive’, ‘challenging’, ‘optimistic’, and ‘hopeful’ being the most common. The most frequently used term was ‘positive’, suggesting cautious optimism amongst businesses.
Concerns for 2024
Businesses were also asked to name their biggest concern for the forthcoming year in one word. The consensus pointed towards economic conditions, political uncertainty, and staffing issues. These concerns highlight the broader challenges faced by businesses in today’s unpredictable and potentially difficult economic and political landscape. Successfully navigating these challenges will necessitate careful planning, flexibility, and resilience.
The landscape is ever-changing and businesses need to demonstrate careful planning, adaptability, and resilience. As ever, we are here to support you.
If you would like to chat about how you are faring and help plan for the future, please get in touch.
