New research by Novuna has found that 31% of UK business owners anticipate the potential closure of their businesses by the end of 2024. The findings also shed light on the challenges leading to possible business closures. Since the last budget announcement in November 2023, 46% of businesses reported declining demand for their products or services as the chief cause of reduced profitability. Closely following this, 32% of businesses are wrestling with increased utility costs, while 28% are navigating through cash flow pressures. Despite these challenges, businesses remain determined to persevere, with 62% likely to implement cost-cutting measures to sustain their operations. To read Novuna’s news release, go to https://www.novuna.co.uk/news-and-insights/business-cash-flow/31-of-business-owners-fear-closure-by-end-of-2024/.