UK businesses expecting revenue drops

It has been revealed recently that a massive 93% of UK business owners are expecting a decline in revenue in 2019, with Brexit being cited as the biggest reason.

The data, which was gathered in a report named ‘Business Insight: The Data Surge’ by MHR Analytics, a tailored commercial software provider, involved the polling of 200 senior decision-makers in both large and medium-sized companies on their future investment plans.

When these were asked about what was most likely to prompt an income drop, 57% answered with the country’s decision to leave the EU, whereas 22% blamed a decrease in customer spending and 10% put it down to the General Data Protection Regulation that came into effect towards the end of May.

According to the survey, 59% of organisations will boost the money they spend on IT to ward off the potential downturn, suggesting that they have identified tech as of huge importance. Elsewhere, 48% and 46% respectively see marketing and sales as areas worth investing in.

Nick Felton, Senior Vice President of MHR Analytics, commented that whilst it is clear that companies are bracing themselves for significant turbulence next year, it is reassuring to see that they are adopting combative approaches to mitigate the impacts.

Possessing decades of experience in business recovery and insolvency, the Leeds, Harrogate, Darlington and Bradford-based teams at Walsh Taylor understand the stresses of financial pressure.

Though many owners are unsure of what to do first when issues arise, we recommend enlisting in help as soon as possible to reduce the risk of the problems worsening. In seeking assistance early on, more options are typically available to you.

If you are therefore based in Yorkshire or the North East and would like any more information on our services, please feel free to call 03300 244 660 or email confidential@walshtaylor.co.uk.