A new survey commissioned by Simply Business reveals that more than three quarters of small businesses feel unsupported ahead of Brexit.
The UK's small businesses are the powerhouse of the economy. According to the Federation of Small Businesses, they account for more than 99 per cent of all UK businesses and total employment in SMEs is 16.3 million – 60 per cent of UK private sector employment.
This is why it's vital that the small business view on preparing for Brexit is heard. So, as debate continues in Westminster, we wanted to find out whether the government has been doing all it can to support Britain’s small businesses when it comes to Brexit itself.
We asked 1,200 small business owners whether they feel supported, as well as whether a lack of support is impacting their business. Here’s what we discovered:
There were 5.7 million small and medium-sized businesses in the UK in 2018, which accounts for 99 per cent of all British businesses (according to Parliament UK’s Business Statistics Report).
Whether you voted Leave or Remain, the fact that the UK’s businesses – the backbone of the economy – don’t feel like they’ve been given enough guidance is something that could put the UK’s workforce at risk.
Some businesses told us that the lack of certainty around Brexit is making it difficult to plan too far ahead:
Almost a third of businesses say Brexit has already had a negative impact on them ahead of the UK’s official withdrawal:
While the majority of businesses are feeling sensitive to Brexit uncertainty, 1 in 12 (eight per cent) of businesses are predicting that they’ll see a positive post-Brexit impact.
Even more businesses (14 per cent) say they’ve seen an increase in sales and orders while Britain’s exit from the EU is negotiated, and 20 per cent claim they’re actively exploring new markets.
Bea Montoya, COO at Simply Business, said: “There isn’t a blueprint for what happens after Brexit, which is particularly challenging for the UK’s 5.7m hardworking SMEs.
“The self-employed are the backbone of the British economy, and they deserve more support and guidance – after all, it's they who employ the majority of the UK workforce. A workforce which, according to our survey, is potentially at risk. Surely the government can clarify guidelines for what steps SMEs should take?"
Do you feel that your business is prepared for Brexit? Let us know in the comments below.
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