SME confidence high despite concerns about costs – ACCA [Video]

Eight in 10 (79%) small and medium-sized enterprises are either as confident or more confident about the future compared with this time last year.

A survey by professional accountancy body ACCA, that sought the views of SMEs on their economic outlook for the year ahead while reflecting on business performance in 2024, found that a third (34%) cited improving growth as their main priority.

A quarter (24%) called out the need to retain skilled staff, and just over a fifth (21%) stated that they would be increasing staff numbers.

Only 15% of responding businesses plan to increase the ‘in office’ days, with 85% set to maintain their current working patterns.

Regarding the biggest challenges of 2024, the forecasted squeeze of profits as a result of higher long-term business costs remains the most significant impediment to projected growth for 38% of businesses despite stabilising inflation levels.

“This survey shows the strength and resilience among many of our SMEs …