This valuable insight into the local economy is fed into our conversations with government through meetings with local MPs and our contacts at the Department for Business and Trade (DBT), as well as other stakeholders, to ensure the voice of Buckinghamshire firms is being heard nationally.

Don't miss these opportunities to have your say

Surveys such as the Business Barometer are your chance to get your voice heard by those in power. Opportunities like these should not be passed up.

To that end, Buckinghamshire Business First has been asked for ideas on how the government can best support SMEs to achieve a step-change in growth and productivity - and we would love your feedback on the questions asked by the Department for Business and Trade (DBT).

Your views matter the most. Say what you want to say here and we will ensure your voice is heard when we share your feedback with government representatives in the coming weeks and months.

Headlines: Buckinghamshire Business Barometer results

• Nearly half of respondents are experiencing worse than normal trading conditions.
• 60% of businesses are likely to cut back on recruiting new members of staff following the Budget announcements.
  • Of these, 33% will look to replace or substitute staff with robotics, automation, or software solutions
• 80% of businesses feel less confident following the Autumn Budget
• Sales, turnover, profits, and workforce size are all trending downward
• Costs are up for the vast majority

Read an infographic overview of the Business Barometer results here >

In detail: Buckinghamshire Business Barometer results

The comparison to the survey scores from 12 months ago, which can be seen in brackets below, underlines the drop in confidence and performance.

Compared to normal for this time of year, how would you describe current trading conditions for your business?

• Worse than normal: 46% (up from 32%)
• About normal: 44% (down from 51%)
• Better than normal: 10% (down from 17%)
• Net balance score*: -36% (down from -15%)

*The net balance score is the percentage of firms reporting an increase minus the percentage reporting a decrease.

In the past few months:

• Sales/custom has decreased for 43% and increased for 20% (net balance score of -23%, down from +4%)
• Order books/sales pipelines have decreased in size for 48% and increased for 17% (net balance score of -31%, down from -6%)
• Turnover has decreased for 44% and increased for 20% (net balance score of -24%, down from +8%)
• Profits have decreased for 57% and increased for 9% (net balance score of -49%, down from -26%)
• Workforce size has decreased for 27% and increased for 10% (net balance score of -17%, down from +5%)
• Costs have increased for 83% and decreased for 2% (net balance score of +81%, down from +84%)

Following the announcements from the Autumn Budget, how confident do you feel about your business for the year ahead?

• A lot less confident: 55%
• Slightly less confident: 25%
• Slightly more confident: 10%
• Not sure: 9%
• A lot more confident: 1%

Following the budget, is it likely you will cut back on recruiting new members of staff in the next 12 months?

• Yes: 60%
• No: 22%
• Don't know: 18%

If yes, will you be looking to replace or substitute staff with robotics, automation, software solutions?

• Yes: 33%
• No: 54%
• Don't know: 13%

Key concerns raised by businesses:

• Spiralling staff costs due to changes in National Insurance (NI) contributions, particularly the reduction in the start band, which businesses are unlikely to pass on to customers
• Insufficient funding support and expectations that grant awards will become more restrictive
• Lack of disposable income among consumers
• Lower expected orders from clients
• Other rising costs and taxes due to new budgetary measures, impacting both businesses and clients

Key challenges identified by businesses for the year ahead:

• Staying in business amidst financial pressures
• Managing staff costs while maintaining quality and service
• Raising prices to cover increased operating costs
• Maintaining energy and enthusiasm in a challenging business environment
• Maintaining growth while entering new markets
• Coping with reduced customer footfall and securing long-term customers
• Finding sufficient grant funds to complete projects

FSB research backs up Business Barometer results

The Business Barometer results tally with recent research from the Federation of Small Businesses (FSB) which found that 67% of businesses are planning to recruit fewer staff, with 32% set to reduce their headcount.

In addition, nine in ten small employers told the FSB they had concerns about measures in the Employment Rights Bill, another sign that recent government announcements are hitting business confidence.

Is there any good news?

Despite these challenges, there is an expected increase in demand for manufactured parts in the UK. In response, some businesses are investing in skills and machinery to improve customer experience in terms of lead times and quality.

Don't miss these opportunities to have your say

Surveys such as the Business Barometer are your chance to get your voice heard by those in power. Opportunities like these should not be passed up.

To that end, Buckinghamshire Business First has been asked for ideas on how the government can best support SMEs to achieve a step-change in growth and productivity - and we would love your feedback on the questions asked by the Department for Business and Trade (DBT).

Your views matter the most. Say what you want to say here and we will ensure your voice is heard when we share your feedback with government representatives in the coming weeks and months.

It's more important than ever to reach out for support

Buckinghamshire Business First has been described as a business's best friend, and that's because our team is here for your team, adding our experience, connections and resources to the talents and dedication of your business. We can help you with business planning, accessing funding, taking on apprentices, untangling red tape, and much, much more.

Call us on 01494 927130, email [email protected] or book in a chat with one of our Business Advisers at a time that suits you.

Never before has it been more important to seek the support of others who are here to help. Read why businesses sometimes need a little help from their friends.