Business Insights – Accountants in WImbledon

The Office for National Statistics conducts a Business Insights and Conditions Survey (BICS) every two weeks. The latest survey, based on voluntary responses, highlighted several key points:

Worker Shortages Decreasing

In businesses with 10 or more employees, 21% reported experiencing worker shortages. This is an improvement from May 2023, when 28% of businesses faced similar issues.

More Sales Activity

According to the survey, 21% of businesses saw a decrease in turnover in April 2024 compared to March 2024. This proportion is similar to that of the previous month.

Conversely, 19% of businesses experienced an increase in turnover. This is up from 16% last month, indicating a rise in sales activity as the economy emerges from recession.

Business optimism appears to be on the rise, with only 18% expecting a decline in turnover in June 2024, compared to 22% in May 2024. Additionally, 59% of businesses expect their turnover to remain stable, up from 56% last month.

Challenges with National Living Wage Increases

The survey also revealed that 13% of businesses raised their prices for goods or services in April 2024 compared to March 2024, a significant increase from 9% last month. This is the highest proportion since June 2023. Many businesses have indicated that they are struggling to absorb the cost increases associated with the National Living Wage hike.

For a detailed review of the survey, visit the ONS website.

For personalized advice on how these insights might impact your business, get in touch with our Wimbledon accountants. We are here to help you navigate these changes and plan for a prosperous future.