Every quarter, accounting network Moore UK, asks business leaders across the UK to share their aspirations for the next six months and track business confidence. In its latest Owner Managed Business (OMB) survey (carried out in November 2021), Moore UK looks at these consistent measures and the new issues affecting UK businesses today.
Despite what has been a turbulent year for many businesses, ambition in UK business leaders has not been stifled, new research suggests.
Moore UK’s latest OMB survey of 442 owner managed businesses, found that despite the difficulties facing businesses over the past year almost half (43%) of owner managed businesses in the UK, have listed hitting their sales and profit targets as a top priority for the next twelve months. A further 37% said that winning new business is at the top of their agenda, providing clear evidence that the pandemic has not prevented ambition in the UK.
With their sights set high, two thirds of businesses are feeling optimistic about the year ahead. As part of their ambitious recovery plans, 49% of businesses are expecting to increase the price of their goods or service to their end customers over the next six months. Also focusing on their workforce, more than half (55%) of businesses are expecting to maintain their current staffing levels and a further 42% are hoping to increase them. However, the recruitment market remains competitive, so businesses aiming for significant growth over the next twelve months, face a difficult challenge to stay ahead of competitors.
Dinah Patmore, Strategic HR Partner at Moore member firm, Moore Kingston Smith said, “With a record number of jobs currently on the market, employers face the very difficult challenge of not only attracting top talent but also retaining staff. This has led many businesses to examine what makes them a great place to work and how they can become even better, to stay ahead of the game. In addition, employers should also be examining their recruitment strategy as a whole, to accommodate potential candidates in the market with transferable skills that may not historically have been considered. With hybrid working no longer being recognised as a benefit in many sectors, employers are having to work harder to think outside of the box and stand out from other businesses.”
Half (50%) of those who found it challenging to recruit staff have already amended their working patterns and introduced more flexibility. A further 46% have improved benefits and 41% have increased salaries to help with their recruitment and retention efforts.
Moving forward, it is likely that leadership will continue to have a people centred focus. Employers will need to continue adapting and improving their recruitment strategies and employee packages to remain ahead of the market. 2022 is likely to be a very transformative year for businesses, as we begin to see a major reshaping of the UK workforce.