A recent Twitter poll conducted by business mentor and CEO of specialist insurance brokerage Constructaquote.com, Lyndon Wood, has revealed 67% of SMEs believe the UK is a “joke” while 33% see Britain’s current political climate as an “opportunity,” according to a recent ballot that saw over 1,000 SMEs participate.
With recent figures indicating that 20% of small businesses in the UK fail in their first year, 30% fail in their second year, and 50% of small businesses fail after five years, UK SMEs appear to be concerned over the UK’s current business climate and what challenges lay ahead.
Lyndon Wood, CEO, Constructaquote.com said, “The results of this recent online poll are quite revealing and regardless of whether you’re in favor of leaving the EU or not, clearly British SMEs are not in a positive mindset right now which in many ways is understandable.
“However, this is perhaps the perfect time for small to medium-sized companies to discover the new opportunities that lay ahead for British businesses.”
Between 2017 and 2018, while the number of employing businesses increased by 23,000, non-employing businesses fell by 50,000, resulting in an overall decrease of 27,000 businesses, according to the Federation of Small Businesses.