The UK Census business insights for October 2024 have been released and reveal a low but steady increase in turnover for some businesses, but a marked decrease for others.
The business survey (BICS) is voluntary and open for two weeks each month. It provides up to date insights into the issues that affect the UK economy and businesses. The survey covers topics such as trade, employment, finances, and resilience. These results somewhat reflect the growth we’ve seen reported in the UK media
The important numbers
The responses found that 16% of business respondents expect their turnover to get bigger in November 2024, which shows a fall from the month before. 12% of the businesses (trading businesses only) reported expectations of a rise of their prices and/or services for the month ahead, which married with the expectations given the month before. Fewer than a tenth of the businesses currently trading reported issues with worker shortages. Only 15% of businesses (actively trading) reported an increase in their overall performance for the previous month in comparison to the month a year ago. But just over a fifth responded to say there has been a decrease over this time.
The challenges
Of the businesses that responded, the biggest challenge they saw to turnover were economic uncertainty followed by competition and the cost of materials. The concerns remain fairly stable, in comparison to the concerns reported last month.
If you’re looking to expand your business or simply increase sales, then you might want to consider using business growth consulting services, to help with the challenges that you face. Business growth consulting services can help you grow in a sustainable manner, which guarantees more manageable, long term success. They can also help your company grow in the face of government monetary policies, which might otherwise be a barrier to growth.
What the October insights reveal is that some businesses have seen some growth, whilst others have suffered and only some are feeling hopeful for growth in the month ahead. Of the many concerns, economic instability remains the leading one.
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