Quarter of small firms fear they cannot sustain financial shocks, survey finds - Research by HSBC also found two-thirds of company owners said they were not able to grow their business to meet customer demand in 2024.
A recent survey by the Federation of Small Businesses (FSB) has revealed that approximately one in four small businesses in the UK are concerned about their ability to withstand financial shocks. This apprehension stems from ongoing economic pressures including high interest rates, inflation, and the aftermath of the global health crisis. The survey highlights that many small firms are struggling with cash flow issues, with 49% of respondents indicating that late payments are a significant problem. Additionally, the report notes that small businesses are facing increased costs in energy, raw materials, and labor, which further strains their financial resilience. The FSB is advocating for government intervention to provide more support, such as extending the Recovery Loan Scheme and addressing the issue of late payments to bolster the sector's stability.
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