70% OF OWNER MANAGED BUSINESSES SAY GROWTH NOT THE KEY PRIORITY FOR 2023 77% RATE GOVERNMENT SUPPORT AS POOR 68% ARE UNLIKELY TO MAKE SIGNIFICANT CAPITAL INVESTMENT IN NEXT 12 MONTHS

Business growth was identified as the main priority for 23% of respondents while sustaining their business was the priority for 59% and business survival for 11%.

Despite these concerns the research found that many of these businesses remained resilient:

49% think they are in better shape than 12 months ago
78% were confident they could cope with further interest rate rises in the next 12 months
Only 39% felt recruitment and retention was likely to be a bigger challenge going forward than in the previous 12 months
Commenting on the findings APA Chairman Martin Muirhead said:

“Owner managed businesses are struggling with growth no longer the priority for a significant majority of SMEs. An uncertain economic outlook characterised by supply chain inflationary pressures, wage increases, a tight labour market, and energy price volatility all present significant threats to this vital economic sector.

“There is real frustration among owner managers at the lack of support from Government to help tackle these issues. The overarching message from our research is that uncertain trading conditions are hampering growth and that while there are multiple causes, not enough is being done by policy makers to help owner managers deal with the fallout or present a clear vision for the future.”