The economic gloom surrounding Brexit has prompted a record fall in business confidence. The level of business confidence has fallen from 37.9 to 4.3 on the scale used by The Federation of Small Businesses (FSB) to highlight the challenge facing businesses.
Small businesses all across the country have decided to cut back on investment and recruitment in a bid to protect what they have in the face of rampant uncertainty about what happens next. While there is still little indication of just how much the UK will lose economically from its divorce from the rest of the EU, politicians are not helping.
A wave of resignations and leadership challenges have added to the climate of uncertainty and fear about the future. Even prior to Brexit, which is when the data for this survey was gathered, confidence had ebbed away.
Small businesses in particular will be struggling to meet their obligation to pay the National Living Wage if there is any kind of economic downturn or the country ends up in recession.
Now more than ever it is important to take a long hard look at the financial health of your business and put in place plans to ride out any storms that may lie ahead.