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Sage Small Business Tracker December

December 2023


  • Small business revenues were down by 2.5% on an annual basis in Q3
  • Despite this, profitability grew by 14.1% in Q3
  • This has been partly driven bu falling expenditure and overheads
  • Capital expenditure by small business continues to fall sharply, also supporting profit growth
  • Nominal wages continue to grow sharply amidst falling small bisiness

Sage Small Business Tracker

We partnered with Sage and CEBR to publish the latest quarterly SME Tracker that shines a light on the health of this critical sector of the UK economy.

We worked with data from 134,000 small, extra-small and nano businesses to give an unrivalled detailed view of the performance of small businesses up to Q3 2023.

Despite challenging economic headwinds, SME profitability continued to grow, driven by falling overheads, despite falling revenues. With the trend for revenues to continue to fall, it’s no surprise to see capital expenditure falling sharply and future resilience in the sector will depend on how much further average overheads will fall.

Further Information

Access the tracker here

For more information on the Small Business Tracker, please get in touch with Rui Cardoso.