SME's expect sales boost

SMEs expect sales boost despite cost of living pressures

Many small and medium-sized enterprises (SMEs) are expecting a sales boost this year, despite cost of living pressures on consumers. According to a survey conducted by London-based fintech SumUp, 23% of SMEs expect a higher turnover compared to last year. The survey of 1,000 small business owners also revealed that 49% reported an improved financial situation compared to the same period in 2022. Rising costs and high energy prices were the biggest challenges for 66% and 55% of SMEs, respectively. Over half of the SMEs have increased prices to combat rising costs. However, only 4% have had to cut staff to maintain operations. Consumers have shown resilience, with 11m Britons spending £669m in support of Small Business Saturday.