Four in five (83%) UK SMEs are struggling to plan beyond 2023, according to data, released today by VistaPrint. The research comes as VistaPrint launches Realising the Remarkable, a £150,000 grant programme in partnership with Enterprise Nation, to help UK small businesses withstand economic uncertainty and plan for growth.
Despite 58% of UK small business owners anticipating growth in the year ahead – many are unclear on where this will come from. Over half (55%) have a “rough” business plan, but nothing detailed, while 13% do not have a plan at all. Among the small business owners that stated they have a plan, almost half (45%) are not able to plan beyond H1.
Small business owners are similarly unsure of achieving financial targets. While just over a third (34%) are confident that they’ll hit targets, a larger proportion (40%) are unsure and 11% suspect they will not. This uncertainty continues when it comes to their long-term business prospects. Almost two thirds (59%) believe there is a risk they will have to close their business as a result of the cost-of-living crisis. One in five (20%) are already redirecting marketing budgets towards survival – with 57% among these, using it to pay the energy bills.
