Growth forecasts in Spain are fluctuating due to economic uncertainty, which has caused 69% of Spanish companies to readjust their business plans. This is what the report saysFinancial management in Spanish companies: forecasts, expenses and trends‘, developed by Payhawk, the comprehensive solution for the management of expense reports, company cards, invoices and payments.
The study has interviewed financial managers of Spanish companies to find out how the companies are adapting your business plans due to economic forecasts and the market situation. The main conclusion is that businesses are choosing to readjust their objectives and adapt their strategies, especially with measures focused on cost reduction.
Employment, the most affected area
Within the new plans, the most affected area has been employment. 40% of businesses claim to have readjusted their salary increase policies and 32% have lowered their hiring forecasts. Also, staff readjustments have been implemented in 29% of companies.
The report also notes that 31% of companies surveyed have lowered their revenue forecasts. To offset this loss, 34% have chosen to switch to a cheaper provider and 20% have lowered the prices of their products or services in order to maintain or increase their customer share.
The readjustments derived from this economic volatility have also affected the development and digitization of the business. Thus, 34% of Spanish companies have slowed down their business plans – such as expansion into new geographical areas or the creation of new products or functionalities – and 20% will dedicate fewer resources to the transformation of their processes and the implementation of technologies. .
“The fact that some businessmen have reacted to the economic uncertainty by slowing down the progress of the digitization of their business is bad news, for them and for the country, due to the loss of competitiveness that this entails.”, says Iñigo Aguirre, head of the Payhawken Spain business. “Betting on new technologies should never be seen as a cost, but as an investment that has a significant return. An investment that, in addition, if accompanied by a trusted expert partner, is much more bearable”.
