Business Insights and Conditions Survey questions: 8 January to 21 January 2024

These questions are for Wave 100 of the fortnightly Business Insights and Conditions Survey (BICS) dispatched on 25 January 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 December 2023 compare with the previous calendar month?

• Turnover increased

• Turnover stayed the same

• Turnover decreased

• Not sure

Which of the following challenges, if any, are 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 (Please describe)

• Not sure

• Not currently experiencing any challenges

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

• Expect turnover to increase

• Expect turnover to stay the same

• Expect turnover to decrease

• Not sure

How did the prices of goods or services bought by your business in December 2023 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 December 2023 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 February 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 February 2024?

• Energy prices

• Finance costs

• Labour costs

• Raw material prices

• Other (Please describe)

• Not sure

• Business is not considering raising prices

How did your business's domestic demand for goods and services in December 2023 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 December 2023 compare with the previous calendar month?

• Demand increased

• Demand stayed the same

• Demand decreased

• Not sure

• Not applicable

Has your business been affected by recent increases in energy prices?

• Yes, production has been affected

• Yes, suppliers have been affected

• Yes, both production and suppliers have been affected

• No, the business has not been affected

• Not sure

• Not applicable

How did your business's stock levels of raw materials in December 2023 compare with the previous calendar month?

• Stock levels were higher

• Stock levels stayed the same

• Stock levels were lower

• Not sure

• Not applicable

How did your business's stock levels of finished goods in December 2023 compare with the previous calendar month?

• Stock levels were higher

• Stock levels stayed the same

• Stock levels were lower

• Not sure

• Not applicable

Is your business stockpiling any goods or materials?

• Yes

• No

• Not sure

What are your business's expectations for capital expenditure between January and March 2024?

• Capital expenditure will increase

• Capital expenditure will decrease

• Capital expenditure will stay the same

• Not sure

• Not applicable

Why is your business expecting to authorise capital expenditure in February 2024?

• For replacements

• To expand capacity

• To increase efficiency

• To provide new services

• To reach new customers

• To use new technology

• Other (Please describe)

• Not sure

• Not applicable

Which of the following, if any, do you expect to limit your business's capital expenditure in February 2024?

• Inability to raise external finance

• Inadequate return on proposed investment

• Shortage of internal finance

• Shortage of labour

• Uncertainty about demand or business prospects

• Other (Please describe)

• Not sure

• Not expecting any limits to capital expenditure

Did your business invest in plant and machinery between October and December 2023?

• Yes

• No

• Not sure

Did your business use the full expensing capital allowance on qualifying plant and machinery investments between October and December 2023?

• Yes

• No

• Not sure

Which of the following, if any, will be the main concern for your business in February 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

In December 2023, approximately what percentage of your business's workforce were:

• Working from a designated workspace

• Working from home

• Using a hybrid model of working

• Not working due to sickness

• Made permanently redundant

• Other

How did the number of employees at your business in December 2023 compare with the previous calendar month?

• Number of employees increased

• Number of employees stayed the same

• Number of employees decreased

• Not sure

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

• Number of employees will increase

• Number of employees will stay the same

• Number of employees will decrease

• Not sure

How has your business's staffing costs changed over the last three months?

• Costs have increased

• Costs have stayed the same

• Costs have decreased

• Not sure

• Not applicable

How does your business expect staffing costs to change over the next three months?

• Costs will increase

• Costs will stay the same

• Costs will decrease

• Not sure

• Not applicable

Did your business experience any difficulties recruiting employees in December 2023?

• Yes

• No

• Not sure

• Not applicable

Which of the following employees has your business had difficulties recruiting?

• Clerical employees

• Professional or managerial employees

• Semi-skilled or unskilled employees

• Skilled, manual or technical employees

• Other (Please describe)

• Not sure

Why did your business experience difficulties recruiting employees?

• Business cannot offer an attractive pay package to applicants

• Increased number of vacancies

• Lack of qualified applicants for the roles on offer

• Low number of applications for the roles on offer

• Reduced number of applicants aged 16 to 24 years

• Reduced number of applicants aged over 50 years

• Reduced number of EU applicants

• Other (Please describe)

• Not sure

In December 2023, how did your business's debt repayments compare with turnover?

• Repayments were more than 100% of turnover

• Repayments were between 50% and 100% of turnover

• Repayments were between 20% and 50% of turnover

• Repayments were up to 20% of turnover

• Not sure

• Not applicable

How much confidence does your business have that it will meet its current debt obligations?

• High confidence

• Moderate confidence

• Low confidence

• No confidence

• Not sure

• Do not have any debt obligations

What is your business's risk of insolvency?

• Severe risk

• Moderate risk

• Low risk

• No risk

• Not sure

• The business is insolvent

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

How would you describe your business's overall performance in December 2023, 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