Over 75% of SMEs have begun strategies on how to enhance their customer relations and services. This is a result of the economic situation and the pressure on liquidity.
Due to inflation, 60% of UK SMEs have declared that it is become much harder to sell any product as a result of customers cutting down on expenses, including goods and commodities.
Around 42% confessed to drastically reducing costs of overheads so as to be saved from increasing expenses.
Alternatively, only 14% declared that they would be cutting out on investing due to the finance rigidity.
On the other hand, around 50% of SMEs have expressed that they wish to increase their consumer base instead of spending resources on existent ones.
Over 28% of SMEs are looking at additional ways to improve their liquidity due to this thought.
Although the rising costs have been a topic of concern, SMEs are widely confident about the future clientele for their businesses. Around 61% expect a growth in sales over the next 12 months, and 66% described their business as being in 'good shape.
With this insight, we can understand how tedious it is for small businesses to reach out to customers.
They have strongly surpassed the backdrop and challenges set by the Covid 19 pandemic, and now they are fearlessly brainstorming on how to tackle a new crisis, the recession.
Contact Us to make more informed business decisions and overcome your business challenges during this difficult period.
