Over the past year the pandemic has thrown drastic obstacles in the way for UK catering businesses, with businesses having to close for months on end. But with restaurants and bars welcoming back customers on Monday to sit outside, it will help to fill businesses confidence.
Nexus Global surveyed senior managers in catering businesses across the UK to determine how confident they feel at present regarding the current economic climate. According to the findings, business confidence levels in the catering sector have risen by 106% since last year. With catering businesses are most assured about the overall health of their business yet least assured about giving bonuses to employees.
To determine the figures, respondents were asked (on a scale of 1-10) how confident they feel at present regarding the following aspects:
|Aspect||Business Confidence Score (2020)||Current Business Current Score (2021)|
|Overall health of the business||5.0||6.2|
|Happiness of employees||4.9||6.3|
|Expectation of next year’s revenue to increase||5.1||6.1|
|Not having to make redundancies||5.1||5.3|
|Expansion of products / services||4.9||5.9|
|Launching new products / services||4.6||6.1|
|Positive cash flow situation||4.9||5.9|
|Investing in areas of business||4.7||5.9|
|Increase in sales / clients||4.7||5.6|
|Increase financial investments||4.7||5.6|
|Overall health of the local economy||4.5||5.2|
|Hiring new employees||4.3||5.0|
|Increase wages across the business||4.4||4.8|
|Giving bonuses to employees||4.5||4.5|
|Overall health of the country’s economy||4.4||5.0|
Commenting on the report findings, John Westwood, Managing Director, says: “A rise in confidence levels among UK catering businesses is an encouraging sign and paints a much more positive forecast for the future after such an unsettling and turbulent period over the past 12 months.
Looking forward, business confidence levels will be a key factor to influence the pace of consumer spending once lockdown measures ease. This change in behaviour will need to see businesses adapt if they stand a chance of seeing growth.”
For more information follow the link to click through to individual sectors to discover more in-depth information on the current climate and future predictions. https://www.nexus-global.net/business-confidence-report/