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Half of small businesses are fearful about next yr | City & Business | Finance

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And to mark the season of goodwill, almost half (44 percent) of small and medium-sized firms will host a celebration.

The figures come from survey of 578 business leaders, commissioned by Barclays, as a part of its quarterly SME Barometer research.

It shows that some 41 percent will shut down operations entirely between Christmas and Latest 12 months.

And 1 / 4 will hand out Christmas bonuses to staff.

Nevertheless, the festive cheer is tempered by warnings nearly half (47 percent) of SMEs report worries about their business prospects for next yr.

Some 68 percent are concerned in regards to the negative impact of rising energy bills.

Larger enterprises are feeling the pinch too. Nearly two thirds (59 percent) predict a decrease in consumer spending, while 41 percent are frightened about their business’s prospects as they approach 2023.

Colin O’Flaherty, at Barclaycard Payments, said: “While it’s been one other difficult yr for businesses, many SMEs need to inject some festive cheer by rewarding employees, as business owners are aware of the positive impact morale can have on staff retention. Our research, nonetheless, shows that although owners are very aware of the difficulties to return, they continue to be resilient within the face of risings costs.”

The study found 41 percent of SME employees consider activities leading as much as Christmas affect staff retention.

A separate poll of two,000 consumers, found a 3rd say they’re less more likely to look for an additional job if their employer rewards staff over the festive period.

Of employers seeing a rise in demand for advantages at work, more annual leave is considered one of the highest three perks requested, in keeping with 28 percent of SMEs, behind higher wages (87 percent) and more flexible working (56 percent).

Data from Barclaycard Payments – which processes £1 in every £3 of all UK card payments – showed a slight decrease of 1.58 percent in card payments to SMEs from July to September, compared with the identical period in 2021.

But greater than half (55 percent) reported their total revenue grew – with turnover up around 9.1 percent year-on-year, on average. Half of firms (51 percent) predict a year-on-year revenue rise of their fourth quarters, and 49 percent expect revenues to grow from Q3 to Q4 this yr.

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