Third annual survey highlights challenges facing SMEs

Added by Love Business East Midlands | 24 November 2022

Businesses in the UK are being urged to share the challenges they expect to face over the next 12 months in the third annual SME Business Survey.

The study, originally launched by award winning human resources experts HR Solutions in the midst of the pandemic in 2020, is live now for 2022 and is open to all small and medium sized enterprises and focuses on key issues such as the impact of rising costs, and employee retention.

This is the third year that HR Solutions have run the survey, which they use to gain a deeper understanding of the year ahead and discover how SMEs plan to navigate the changing business climate.

Chief executive of HR Solutions, Greg Guilford, said:

“The past three years that we have carried out our survey, have arguably been three of the most challenging years for SMEs for some time.

“Last year’s survey found that SMEs were keen to manage their costs more effectively whilst also highlighting that recruitment was set to be a serious challenge. The survey allows us to do a ‘stock take’ on key trends for SMEs, and reflect on how the market is changing.

“It also gives us the opportunity to support those enterprises that really need the extra help. In response to the challenges identified in the 2021/22 survey, we worked with a number of SME partners to deliver further guidance and support in key areas including business finance, employee retention and recruitment using webinars, seminars and detailed support packages.”

Last year’s findings showed many SMEs were struggling with employee retention so HR Solutions teamed up with Vestd to discuss The Great Resignation and whether share and share option schemes could be the answer. Another webinar showed key ways to secure top performing employees within a challenging recruitment market.

The 2021 SME Business Survey results also showed that cash flow within businesses is more important than ever, so HR Solutions partnered with Nordens accountants to look at the importance of cash flow and forecasting.

Greg added:

“The more people that take part in the survey, the clearer the picture is for us of what challenges need addressing and what support SMEs need right now. The work we do provides a wealth of material to enable SMEs to thrive and succeed, despite those challenges.

“We are hoping to get a record number of participants this year. The survey is available online now and is quick and easy to complete. Take a look and be part of something that benefits our business community.”

To take part in the 2022 SME Survey visit https://www.hrsolutions-uk.com/sme-business-survey before the end of the year.

For more information about HR Solutions visit www.hrsolutions-uk.com

 

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