1. Survey information
These questions are for Wave 100 of the fortnightly Business Insights and Conditions Survey (BICS) dispatched on 25 January 2024.
Back to table of contents2. Trading Status of Your Business
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
3. Turnover
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
4. Prices
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
5. Stock levels
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
6. Supply chains
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
7. Workforce trends
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
8. Business confidence
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
9. Comments
Please tell us anything else about your business's current situation relating to topics covered in this survey
- Comments
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