Much has already happened in 2021. The national lockdown rules were changed on 29 March, but restrictions remain in place which will have an impact on the GM and national economy. We felt it was important to look back and share our survey findings for 2020/2021 with you. Go to our website to read more in a blog from GC Business Growth Hub’s Head of Business Intelligence Rupert Greenhalgh.
Latest report: 29th March
Summary of key findings
The findings in this report are based on 125 firms responding to the GC Business Survey from 1st March to 29th March.
In total, there have been over 7,000 responses to the Business Survey since March 2020.
Download the full report below.
• The four main impacts facing businesses are decreased sales (49% vs 59% previous month), cashflow problems (35% vs 24%), business travel to visit clients (29% vs 29%) and minor supply chain issues (28% vs 19%).
• The number of firms reporting decreasing sales has decreased since the previous report, however, there has been a significant increase in firms reporting cashflow problems.
• By sector, the impact of decreased sales is most prevalent in hospitality, tourism & leisure and creative & cultural industries.
• The main challenges are currently seen as: getting access to new domestic sales opportunities (53% vs 44%), workforce and skills (33% vs 18%) and developing new products and services (32% vs 20%).
• 51% of firms are continuing to trade at their usual workplace, 22% only trade remotely 21% are continuing to trade remotely and at the usual place of work.
• 56% of firms (up from 37%) expect profits to increase, while 2% (down from 12%) expect profits to decrease. The retail, digital & technology and business, financial & professional sectors are most likely to report an increase in profit.
• The main “other” future challenges highlighted by firms include, long-term economic uncertainty, regulatory issues related to Brexit, minor supply chain disruption caused by the UK’s new trading regime with the EU, and issues related to loss of income.
For more information on this survey please contact
Concerned about the impact of Coronavirus?
The information provided is meant as a general guide only rather than advice or assurance. GC Business Growth Hub does not guarantee the accuracy or completeness of this information and professional guidance should be sought on all aspects of business planning and responses to the coronavirus. Use of this guide and toolkit are entirely at the risk of the user. Any hyperlinks from this document are to external resources not connected to the GC Business Growth Hub and The Growth Company is not responsible for the content within any hyperlinked site.