Almost half of SMEs are worried about their business prospects next year.

The festive season is a cheerful time for most businesses. It is an opportunity to host Christmas parties, take holidays off work, and even give bonuses to staff.

Research commissioned by Barclays surveyed 578 business owners and found that:

• 44% will host a party
• 41% of businesses will close between Christmas and New Year
• 25% will hand out Christmas bonuses

For the businesses getting involved with festivities, 41% of UK staff feel that festive activities over the Christmas affect staff retention. A separate poll of 2,000 consumers found that a third of staff are less likely to look for other job opportunities if their current employer rewards them over the festive period.

As well as this, employers are continuing to see an increasing demand for workplace benefits. According to SMEs, the top three requested perks are;

1. Higher wages (87%)
2. Flexible working (56%)
3. More annual leave (28%)

Despite this, nearly half (47%) of SMEs are concerned about their business prospects in 2023, and 68% are concerned about the impact of rising energy bills.

And it's not just small and medium-sized businesses feeling the pressure, larger businesses are also worried.

In fact, 59% of large businesses predict less customer spending and 41% are worried about their business prospects in 2023.

Article by Express