Business Insights and Conditions Survey questions: 4 March 2024 to 17 March 2024

These questions are for Wave 104 of the fortnightly Business Insights and Conditions Survey (BICS) dispatched on 4 March 2024.

Which of the following statements best describes your business's trading status?

• Currently fully trading

• Currently partially trading

• Paused trading but intends to restart in the next two weeks

• Paused trading and does not intend to restart in the next two weeks

• Permanently ceased trading

How did your business's turnover in February 2024 compare with the previous calendar month?

• Turnover increased         

• Turnover stayed the same           

• Turnover decreased        

• Not sure             

Which of the following challenges, if any, are currently impacting your business's turnover?            

• Competition       

• Cost of labour    

• Cost of materials             

• Economic uncertainty    

• Financial costs   

• Insufficient domestic demand     

• Insufficient international demand             

• Lack of equipment           

• Shortage of labour          

• Shortage of materials     

• Weather conditions         

• Other    

• Not sure             

• Not currently experiencing any challenges

What are your business's expectations for turnover in April 2024?

• Expect turnover to increase 

• Expect turnover to stay the same     

• Expect turnover to decrease

• Not sure      

How did your business's domestic demand for goods and services in February 2024 compare with the previous calendar month?

• Demand increased  

• Demand stayed the same     

• Demand decreased 

• Not sure

• Not applicable          

How did your business's international demand for goods and services in February 2024 compare with the previous calendar month?

• Demand increased  

• Demand stayed the same     

• Demand decreased 

• Not sure      

• Not applicable

How did the prices of goods or services bought by your business in February 2024 compare with the previous calendar month?

• Prices increased

• Prices stayed the same  

• Prices decreased             

• Not sure             

• Not applicable   

How did the prices of goods or services sold by your business in February 2024 compare with the previous calendar month?

• Prices increased

• Prices stayed the same  

• Prices decreased             

• Not sure             

• Not applicable   

What are your business's expectations for the prices of goods or services sold in April 2024?

• Prices will increase         

• Prices will stay the same              

• Prices will decrease        

• Not sure             

• Not applicable

Which of the following factors, if any, are causing your business to consider raising prices in April 2024?

• Energy prices     

• Finance costs     

• Labour costs      

• Raw material prices        

• Transportation or haulage costs 

• Other    

• Not sure             

• Business is not considering raising prices

Was your business able to get the materials, goods or services it needed from within the UK in February 2024?

• Yes, the business was able to get the materials, goods or services it needed              

• Yes, but the business had to change suppliers or find alternative solutions              

• No, the business was not able to get the materials, goods or services needed              

• Not applicable   

Did your business experience any global supply chain disruption in February 2024?

• Yes        

• No         

• Not sure             

• Not applicable   

What was the main reason for global supply chain disruption?

• Conflict in Ukraine          

• Conflict in the Middle East          

• Coronavirus (COVID-19) pandemic           

• Increased costs 

• Shortage of hauliers and carriers              

• Shortage of materials     

• UK exiting the EU            

• Other transportation issues         

• Other    

• Not sure

Did your business export or import any goods or services in February 2024?         

• Both exported and imported       

• Exported only    

• Imported only   

• Business did not export or import            

• Not sure

Did your business experience an increase in any of the following exporting challenges in February 2024, compared with the previous calendar month? 

• Additional paperwork    

• Change in exchange rates            

• Change in transportation costs   

• Customs duties or levies              

• Destination countries changing their border restrictions  

• Disruption at UK borders              

• Finding information on how to export     

• Lack of hauliers to transport goods or lack of logistics equipment

• Reduced demand for products and services         

• Time taken for checks at the border         

• Work permit or visa restrictions, or lack of mutual recognition of professional qualification       

• Other    

• Did not experience an increase in any exporting challenges

Did your business experience an increase in any of the following importing challenges in February 2024, compared with the previous calendar month?

• Additional paperwork    

• Change in exchange rates            

• Change in transportation costs   

• Customs duties or levies              

• Disruption at UK borders              

• Finding information on how to import     

• Lack of hauliers to transport goods or lack of logistics equipment

• Suppliers not customs ready       

• Time taken for checks at the border         

• Other    

• Did not experience an increase in any importing challenges

What are your business's expectations for the number of employees in April 2024?

• Number of employees will increase         

• Number of employees will stay the same              

• Number of employees will decrease        

• Not sure

Is your business currently experiencing a shortage of workers?

• Yes        

• No         

• Not sure             

• Not applicable   

Did your business experience any difficulties recruiting employees in February 2024?

• Yes        

• No         

• Not sure             

• Not applicable

How long do you expect your business's cash reserves will last?

• Less than 1 month           

• 1 to 3 months    

• 4 to 6 months    

• More than 6 months      

• Not sure             

• Business has no cash reserves    

What is your business's risk of insolvency?

• Severe risk         

• Moderate risk   

• Low risk              

• No risk 

• Not sure             

• The business is insolvent              

Which of the following, if any, will be the main concern for your business in April 2024?

• Business rates   

• Competition with other UK businesses    

• Energy prices     

• Exchange rates  

• Falling demand of goods and services     

• Inflation of goods and services prices      

• Interest rates     

• Property rental costs      

• Supply chain disruption  

• Taxation               

• Other    

• Not sure             

• No concerns for the business

How would you describe your business's overall performance in February 2024, compared with this calendar month last year?

• Performance increased  

• Performance stayed the same    

• Performance decreased

• Not sure             

How do you expect your business's overall performance to change over the next 12 months?

• Performance will increase           

• Performance will stay the same 

• Performance will decrease          

• Not sure

Please tell us anything else about your business's current situation relating to topics covered in this survey: 

• Comments