New survey uncovers the biggest issues facing businesses in Buckinghamshire

A new survey has revealed some of the biggest issues facing businesses in Buckinghamshire this year.

Buckinghamshire Local Enterprise Partnership and Buckinghamshire Business First have released the results of their Business Barometer survey.

New findings suggest confidence has fallen among business leaders in the county and rising costs coupled with consumer spending remains a major concern.

According to the survey data trading conditions have not improved since the first quarter of 2023, but are a slight improvement on the previous year. Businesses reported rising sales and custom, turnover and workforce growth, but reported declining orders and rising costs, which is ultimately leading to falling profits.

Managers and owners were asked to comment on the Government’s Autumn Statement. Respondents raised concerns with increase to the National Minimum Wage and increased corporation tax, with some feeling this will lead to export market issues and reduced staff numbers. Most participants welcomed the reduction in National Insurance payments for self-employed workers, but many noted a lack of support for small businesses.

Further analysis from the business groups found that there will be a range of challenges for Buckinghamshire companies in 2024. The most commonly cited challenges by respondents were staff recruitment and retention; skills shortages; dealing with rising costs and maintaining cash flow; and attracting new customers while retaining the existing customer base.

Many issues for businesses can be linked to issues stemming from the cost of living crisis and an increasingly competitive market.

Philippa Batting, managing director at Buckinghamshire Business First, said: “Escalating costs, challenges with the logistics of getting goods in and out of the UK because of unrest elsewhere in the world and the raising of the minimum wage are all significantly impacting on the cost of being in business for many. Businesses currently working with the Buckinghamshire Business First team are looking for new ideas to support their growth to ensure they are able to navigate these difficult trading conditions.”

Buckinghamshire Business First has 15,000 members it is supporting during the challenging period for local businesses. More details can be found on the enterprise's website.