The majority (61%) of UK business owners are optimistic that the UK government will be able to strike a Brexit deal with their European counterparts in the coming days according to a poll of 5,000 businesses by MarketFinance.
The survey - conducted last week among employers with a minimum turnover of £250,000 - showed the most immediate post-Brexit challenge would be at the border. UK business owners ranked lack of clarity on new border control processes as the greatest challenge followed by delays in sending and receiving goods, and uncertainty about demand for goods and services in European markets. 46% anticipate delays of one to two weeks in processing goods at borders because of changes to processes
The survey revealed that the Christmas trading period is pivotal (in terms of revenue) for 85% of small businesses. 54% are anticipating a difficult time ahead. They anticipate revenues to be hit by £53,095 on average, a collective loss to the UK economy of £38.4b. Businesses in the North West and North East reported the highest numbers by region.
Two-thirds of businesses have tried to put some financial measures in place to survive the difficult trading period. 23% have turned to a revolving credit facility or invoice finance, whilst 14% have turned to increasing their business insurance cover and 14% renegotiating payments terms with suppliers. In addition to this, 66% of business owners have targeted their social media presence for improvement and 66% their website, with 42% putting in place a clear operational plan to manage supply chains and distribution, and 23% focussing on better employee engagement.