That’s the message emerging from Q1 2018 insolvency figures, says this recent ICAEW press release.
These figures show ‘an increase in retail insolvencies post-Christmas, due to consumers cutting down on spending in the New Year’, says the release.
‘There has also been an increase in manufacturers announcing production cutbacks and redundancies.’
If you’re affected, or your small business at risk, do seek help sooner rather than later. That’s the advice from ICAEW Head of Enterprise Clive Lewis.
‘Insolvency figures for 2017 were relatively low in comparison to previous years’, he says, ‘but this is not expected to continue throughout 2018.’
So, what’s forecast?
‘It isn’t unusual for spending to slow following the Christmas period, but these figures are not expected to improve much for 2018 and with interest rates expected to rise in May, it is unlikely that consumer spending will increase significantly.’
If you’re struggling to weather current turbulence, do ‘seek help immediately to assist through challenging times’, suggests Clive Lewis.