Politics are playing a major role in the life of UK SMEs, and the entire conundrum surrounding Brexit is leaving a serious mark. This is according to a new report by Duologi, which claims that more than a quarter of SMEs see Brexit as their “most significant threat”, while the majority don’t feel prepared for what’s eventually going to happen.
But Brexit is far from being their only major concern nowadays. A quarter are struggling to keep up with the newest technologies, which they see as essential as the entire retail industry is switching to the digital landscape.
The technologies will be necessary to maintain a good presence online, something 12 per cent of retailers consider “the hardest hurdle to overcome in the coming year.” One in ten also see Amazon as a major threat as it’s able to offer low prices and has great visibility.
“With political uncertainty continuing into the new year, SME retailers are still unclear on how this will affect them and how they can prepare,” commented Michael Bevan, CEO of Duologi.
“Despite additional resources being made available ahead of an exit from the European Union (EU), deadline extensions scupper existing plans and safeguards, putting small businesses in a difficult position. The economic uncertainty also fuels further consumer hesitancy when it comes to spending on significant purchases, as they are unclear on what the immediate impact of an EU exit means for them.”
Brexit has once again been delayed, after the UK missed the deadline that was October 31. Prime Minister Boris Johnson apologised for missing the deadline, while Brexit Party leader Nigel Farage said he would not be running for a seat in the Parliament.