Ukrainian business plans expansion despite ongoing war – Payoneer survey
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Despite the ongoing war, Ukrainian
entrepreneurs are planning to expand their businesses: about one-third of
Ukrainian enterprises (30%) expect growth this year, and 36% plan to hire more
employees, according to a recent survey conducted by digital payments company Payoneer.
According to the survey results, the full-scale war has affected 97% of small and medium-sized businesses. Most respondents (77%) noted that the war has significantly influenced their plans, and another 20% reported minor effects.
It also shows that 69% of companies currently have all their staff in Ukraine. For 25% of entrepreneurs, only a part of their workforce is located abroad.
The survey notes that companies have adapted to the new reality and have entered a more stable business cycle. This has allowed them to resume planning activities a year in advance, unlike at the beginning of the war when many businesses couldn't plan further than two to three weeks ahead.
In 2023, 56% of businesses plan to maintain their current market positions; 30% of them expect to grow. Meanwhile, some companies are eager to implement innovations and diversify their products and services (4%), explore new markets (2%), and establish partnerships (8%) to move forward.
A significant amount of Ukrainian small and medium-sized businesses (56%) assert that they lack their own resources to achieve their business goals. However, 44% of enterprises believe they can achieve them without external support.
Such a figure suggests that the majority of Ukrainian businesses are inventive enough to achieve their goals independently.
Approximately 23% of respondents are aware of international or state support programs, but so far, the majority (81%) have not sought their assistance.
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