Intuit QuickBooks’ latest quarterly Small Business Insights Survey reveals that small and medium businesses across the UK are facing mounting financial pressure, with 57% predicting costs will rise over the next three months and that, of these, 64% are worried about the negative impact on their business. Nearly half (47%) report ongoing cash flow challenges, while 51% admit financial or resource management hurdles are holding their business back.
As SMBs struggle with increased international supplier costs, supply chain volatility and economic uncertainty, Intuit QuickBooks urges urgent adoption of smarter financial management processes. The findings highlight a stark need for better financial planning and financial guidance to help businesses navigate ongoing headwinds.
Pauline Green, Head of International Compliance at Intuit, said:“SMBs may not be able to control global markets, but they can control their finances and be better prepared for changes. In the face of rising costs, supply chain pressures and economic uncertainty, robust financial planning procedures play a vital role in helping businesses stay on the front foot.”
Further key stats from the Insights Survey show:
- Fifty-seven percent predict costs will rise over the next three months
- Among those expecting cost increases, 64% are concerned about the impact
- Forty-seven percent are facing cash flow challenges
- Forty-two percent source from overseas, exposing them to global cost pressures
- Fifty-one percent say poor financial or resource management is holding their business back.
