The new SME Trends Survey published by the CBI shows that there was a slowing down in output growth among small and medium-sized enterprises (SMEs) in the manufacturing sector during October.
Nearly 250 smaller firms from within that sector participated in the survey, and the results show that the three-month period that ended in October brought a slowing down in output growth. However, this follows output growth hitting a record high in the period up to the end of July. Furthermore, output levels are being predicted to rise again throughout the final quarter of the year.
Overall, output growth among UK manufacturing SMEs is still good compared with the average over the long term, and the number of new orders that they received during the third quarter also stayed healthy. This was the case when it comes to numbers of employees too, with both expected to stay strong until the end of 2021.
Using professional accountants in Goole or another part of the country can help businesses to project ahead what factors like these will mean for their turnovers and plan accordingly.
Close to two thirds of SMEs did indicate some worries about shortages of components and materials and suggested that this might affect their output. There are also shortages of both skilled and unskilled workers to contend with. A total of 46% said they were struggling to find the skilled employees they need, while for unskilled ones, it was 25%.
The SMEs taking part also reported record rises in export costs, domestic prices and unit costs.