The situation is improving this quarter for SMEs/VSEs, according to a study

Some "small pieces of good news" appeared this quarter for SMEs/VSEs, such as an improvement in payment times, despite continued low investment and concerns about demand, according to the Bpifrance Le Lab and Rexecode barometer published on Tuesday, May 13.

"There are four small pieces of good news, some slight changes, and two concerns expressed by business leaders," Philippe Mutricy, Director of Studies at Bpifrance, summarized for AFP.

First, concerns about the national political situation are ebbing slightly: 90% of business leaders fear that this context will affect their activity, down 4 points compared to the first quarter.

Among these, 53% envisage "a strong impact" from this uncertainty, down 8 points.

In the process, 45% of managers who had hiring plans intend to maintain them: +6 points compared to the first quarter.

Furthermore, the proportion of companies planning to export has remained virtually unchanged since the end of 2024, at 27%, despite Donald Trump's announcements of increased customs duties.

However, these companies export little to the United States.

At the same time, cash flow continues to deteriorate: 34% of executives report a recent deterioration, down 2 points from the beginning of the year. Payment terms have also improved.

Finally, credit agreements by banks are easing: 19% of companies encountered difficulties in accessing current financing, i.e. -2 points over the quarter.

On the other hand, investment is still not recovering: only 45% of business leaders surveyed plan to invest this year, down two points over the quarter and five points compared to the second quarter of 2024.

Investments for environmental reasons are falling again: 32% of managers planning to invest this year plan to do so for this reason, a decrease of 9 points over the past year.

Finally, 64% of managers cite insufficient demand, present or future, as one of the main obstacles to their growth, up 4 points over the quarter and 14 points over the year.

This "glass half full" view outlined in the study reflects "a wait-and-see attitude, but in a situation that is not a recession, with very slight growth (0,1%) in the first quarter," observes Mr. Mutricy, compatible with growth of around 0,5% over the year, according to him. The government's current forecast is 0,7%.

The survey was conducted from April 14 to 24 among 3.873 managers of SMEs/VSEs (1 to less than 250 employees).