Top 3 insights from UK small businesses in July 2024

Survey shows more small businesses are reporting higher revenues — especially from ecommerce — and cost pressures appear to be easing

Every three months, Intuit QuickBooks commissions surveys of more than 5,000 small businesses around the world with up to 100 employees. Here are the top three insights from more than 1,100 small businesses surveyed in the UK in July 2024:

1. More small businesses report higher revenue:

• 37% reported revenue growth in the three months to July 2024—the largest number since this question was first asked in July 2023.
• In October 2023, for comparison (when the UK economy was still in recession), just 29% reported revenue growth.
• Looking ahead, 42% predict revenue growth over the next 3 months, while just 12% predict lower revenue.

2. The value of e-commerce is growing:

• 28% of small businesses said online sales made a larger contribution to overall revenue in the three months to July 2024—the largest number since this question was first asked in July 2023.
• In October 2023, for comparison, 17% said online sales were making a larger contribution to overall revenue.
• 31% expect the value of e-commerce to grow over the next 3 months—again, the largest number since this question was first asked in July 2023.

3. Cost pressures appear to be easing:

• While 50% said their operating costs increased over the three months to July 2024, this is the lowest number since this question was first asked in July 2023.
• A similar proportion, 47%, said costs were unchanged or lower.
• In July 2023, for comparison, 58% said operating costs went up.

Key takeaway

With fewer small businesses reporting higher costs and more reporting higher revenue, this is another good signal for the UK economy, where 99% of all employers are small businesses with less than 100 employees.