The latest SME Finance Monitor Q4 2022 report was published yesterday. The SMEs remained in a more positive mood than during the pandemic, with more making a profit and credit balances holding up.
41% of all surveyed SMEs saw increasing costs as an 8-10 future barrier to their business in Q4 2022, with little variation by size of SME (40-43%) but with more mentions from those in hospitality (63%) and transport (55%).
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In addition, 73% of SMEs in Q4 2022 said that they had already been impacted by increasing costs, 38% of them significantly. As a result, 53% of all SMEs in Q4 2022 were either already significantly impacted by increasing costs or expected to be.
The impact of the pandemic, especially on revenue, is abating, but new head winds are impacting SMEs with increasing costs, the broader economic climate, and staff shortages, potentially reducing the opportunities ahead.
Whilst there was a post-pandemic recovery during 2021, further progress on key metrics last year was more limited as SMEs faced the challenges of increased costs and the broader economic situation. You can download the full report and individual chapters on the SME Finance Monitor website.
The full BDA BVRC report can be accessed here.
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