In the last two years, a rocky economy, talent retention issues, and climbing costs have caused difficulties for many. Now, a ‘yo-yo’ economy is triggering uncertainty for businesses wanting to take the next step.
As noted in a new report by PwC, consumer prices are set to be around a quarter higher than early 2021 levels, indicating ongoing spend reservations that could impact the financial stability of businesses. Rising rental prices, a persistent financial strain among consumers and business owners, are set to climb more than 5% in 2024. At the same time, corporate insolvencies are growing, particularly impacting the manufacturing, catering, and transport and storage industries. All while the gap in digitally skilled talent widens.
However, all current challenges considered, things are looking up. Inflation is estimated to sit at around 2% this year, and prices are likely to increase at a slower pace. On top of this, digital tools, systems, and processes – all the result of widespread digitisation – are driving confidence and optimism across the board.
Medium-sized businesses (those with 50-250 employees) are often considered the ‘forgotten middle child’ of the UK economy. Despite the sheer number of people medium-sized businesses employ across the UK, their significant economic contributions, and tech-savvy workforces, they can be largely overlooked. As our research will show, Three Business understands the importance of the M in SME, and the potential that the UK’s medium-sized businesses are already unlocking.
So, what’s the next step? Is it driving up talent pool numbers and people power? Boosting efficiencies through increased investment in technology? Is the ‘step’ in question setting bolder business goals – and aiming for gold?
Let’s explore what’s currently working for medium-sized businesses, and where many are aspiring to be
