Small businesses are receiving vital support from their customer base, with a study from Opinium on behalf of American Express, reporting that more than half (55%) of small businesses reported seeing a rise in new customers purchasing from their business over the past six months.
The risk of small business failure has fallen over the past year as more people turn to SMEs, providing an optimistic outlook for the UK's small business landscape. ONS figures analysed by the London School of Economics (LSE) reveal that just 5.7% of small businesses are at risk of failure, compared to 15% at the beginning of 2021.
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New customers drive revenue for UK SMEs
Consumer support reduces the risk of small business failure