More than a third of Chambers Wales SESWM members believe that business profitability will worsen over the next 12 months, according to new survey
The business networking and membership organisation asked its members about sales, profitability and skills as part of its quarterly survey
More than a third (38%) of Chambers Wales South East, South West and Mid members believe that profitability in their businesses is going to worsen in the next 12 months, according to a new survey*.
When asked about whether their business is at capacity, 80% of survey participants said that they were not. Of those, more than half (52%) said it was due to a lack of orders.
Over four in ten (42%) of those surveyed reported that trade and bookings had decreased for their businesses over the past three months, and when it came to overseas sales 45% have seen sales and bookings reduce, with half of all export orders also decreasing.
The survey also revealed that more than half (57.5%) feel the economic outlook for Wales in the next 12 months is negative.
Speaking of the results, Dr Fiona Withey, COO of Chambers Wales, said: “These survey results are concerning but not that surprising, as we are seeing the results of economic unrest due to various wars, instability in government and a general increase in the overall cost of living and employing all take their toll.
“Given that we have a new government and First Minster in place in the Senedd, more than half in our survey saying the outlook is negative is very disappointing.”
Fiona added: “When we asked our members which areas they would like Welsh Government to better support businesses in Wales, more than half (52.5%) said the cost of doing business, such as energy, tax and rates, would be where they’d like help.
“These results are indicative of the many conversations I’ve had with Chambers Wales members over the past few months – our businesses are really feeling the strain from economic forces abroad, as well as closer to home. The strain on small to medium businesses to balance their capacity, workforce and invest and grow their companies is really difficult, and these survey results clearly demonstrate this.
“Over the coming months we’ll be working closely with Welsh Government to advocate for our members on what they need from the Senedd, as well as liaising with those representing Wales in Westminster, ensuring our members voices are heard and are listened to.”
For more information about the Chambers Wales, visit: https://cw-seswm.com/
