UK SMEs To Cut Costs Over Trump, Brexit Fears
SMEs in the UK are planning to slash costs in 2017 due to the weak pound and uncertainty caused by the Brexit process and a Trump presidency, said a survey by alternative finance provider Liberis.
The survey polled 200 owners and managers of small and medium enterprises and found that 58% of SMEs are planning to prioritise decreased costs in the new year, over business expansion or improving employee skill-sets. Twenty-one per cent of these businesses were in the retail industry.
The automative industry, in comparison, said that training employees was their biggest concern. Larger SMEs with a workforce of 50 plus were also concerned with enhancing staff expertise, while their smaller counterparts were worried about cutting costs.
Competition was also listed as a major concern among respondents across several different sectors.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Karen Henderson. To subscribe to ESM: The European Supermarket Magazine, click here.