Confidence of Tech Firms Will Direct Attention to Cash Flow

9th March 2018.

Business owners in the technology sector are the most positive about Brexit, a new survey has shown.

Businesses within the technology sector of the UK are not letting Brexit uncertainty bring them down. Their bold and brave business approach, where they embrace new and untested technology, is not impeded by our shaky political climate. According to a new survey of 24 business sectors by accountancy firm Moore Stephens, business owners in the tech sector are the most upbeat, despite uncertainties around Brexit. Furthermore, the research found that 68 percent of businesses are confident about meeting profit targets this year and 75 percent have an optimistic outlook for the year.

In this new digital age, it is important that the business climate grows at a similar pace to all the iPhones, drones and automatons. Older and old-fashioned companies are reluctant to embrace new technologies and cling to traditional concepts, but this will be ill-advised in the long run. As we compete with other larger and richer economies, if we do not keep at their pace we will risk falling behind. At the Credit Protection Association, we chase down late payers and unpaid invoices and give our members the financial security to help their business.

According to the research, tech business owners also have an eye on overseas markets, with 50 percent saying that they would look to expand beyond the UK this year.

Moore Stephens partner Mark Lamb said: “The rapid innovation in the UK’s technology sector continues to attract higher levels of investment in tech businesses.

“This means business owners in the tech sector are understandably optimistic.”

In contrast, the ongoing malaise on the High Street is reflected in poor confidence among retailers, with only 56 percent saying they thought they would hit profit targets.

Overall, business confidence among those surveyed has ticked up, with 60 percent saying they were confident of hitting profit targets compared to 57 percent last year.

As technology becomes more integral to our day-to-day lives, professional platforms need to reflect this. Some retailers have installed interactive software in-store such as public computers and price scanners, all to engage the digital customer. The sales slump felt by high street retailers illustrates the competitive business climate, where online retailers are proving more convenient and cost-efficient for consumers. As the Brexit deadline looms it is important that we maintain the competitiveness of the UK economy and do not allow our political uncertainty to destroy our businesses.

At the Credit Protection Association, our debt recovery services free up the cash flow for many of our members. While some prefer to put the extra cash into savings, we encourage our members to use this renewed financial freedom to expand. Using the extra cash for new technology or renovations for your office can improve the profitability of your business, as well as give it an extra edge against any political or economic downturns.