What could the Autumn Budget mean for growing SMEs? Thinking ahead with head, heart and hand

Rachel Reeves’s Autumn Budget could unveil plenty of changes for business owners. The government has already said it will use the fiscal event on 26 November to deliver an update on reforming business rates. It could also announce an increase to the National Minimum Wage, as well as tax hikes to raise revenue.

For small and medium-sized enterprises (SMEs) thinking about expansion, the Autumn Budget should arguably be used as more than just a policy update. It’s also a moment to pause, reflect and prepare for what’s next.

At a glance

• No one knows exactly what the chancellor will announce in her Autumn Budget, but SME owners can start asking “what if” questions now to prepare how they would respond.
• Changes to corporation tax and National Insurance could be on the cards, while technology or sustainability incentives aimed at small businesses may potentially be introduced.
• Head, heart and hand thinking – which blends smart strategy, emotional insight and practical action – can help navigate the uncertainty.

With an uncertain economic outlook in terms of inflation, interest rates and geopolitical events, many business owners are asking: what changes might be coming, and how should we respond?

We can’t predict exactly what chancellor Rachel Reeves will announce in her Autumn Budget, but we can ask some useful “what if” questions and think through possible responses. This is where combining head, heart and hand thinking can help: blending smart strategy, emotional insight and practical action.

It’s an approach Martin Brown, CEO of SME growth specialists Elephants Child, recommends to growing businesses, to help leaders stay alert, stay grounded and make good decisions, especially when things feel uncertain.

He looks at three scenarios worth considering as you shape your expansion plans for the months ahead:

1. What if business taxes go up? 

Head: Higher corporation tax or changes to National Insurance could eat into the cash you’re setting aside for expansion. It’s worth reviewing your financial plans now to see where extra pressure might appear. Could growth still be funded through smart reallocation?

Heart: Tax increases can feel like a step backwards, especially when momentum is building. But staying focused on your longer-term goals – and why you’re growing in the first place – can help you stay positive and proactive.

Hand: Talk to an adviser about scenario planning. A few simple adjustments now could keep your growth on track later. 

2. What if incentives are announced for digital adoption or going green? 

Head: Look at your business through the lens of innovation. Are there areas where technology or sustainability upgrades could boost productivity or open new markets?

Heart: For many growing businesses, the drive to innovate is about more than profit, it’s about creating a lasting legacy. Funding could help bring these ambitions to life sooner than expected.

Hand: Keep an eye out for schemes or grants that could align with your plans. Make sure someone on your team is ready to act quickly – these opportunities often come with short windows. 

3. What if access to finance becomes easier or more targeted?

Head: Additional funding options – especially those linked to growth, apprenticeships or exports -could provide a much-needed boost. Revisit your investment roadmap and see what could be accelerated.

Heart: Growth is exciting but demanding. Extra funding could ease the pressure and give your team more confidence to take that next step.

Hand: Be prepared. Having an up-to-date business plan and clear growth story will put you in a strong position if new finance initiatives open up.

Need help navigating the Autumn Budget?

While the Autumn Budget will not satisfy everyone and may provide more questions than answers, it will shape the environment in which your business is operating. We can help you consider a few thoughtful scenarios now, so you’ll be in a stronger position to respond with clarity, confidence and control.

We work in conjunction with an extensive network of external growth advisers and SME specialists, such as Elephants Child, who have been carefully selected by St. James’s Place. The services provided by these specialists are separate and distinct to the services carried out by St. James’s Place and include advice on how to grow your business and prepare your business for sale and exit.

Where the opinions of third parties are offered, these may not necessarily reflect those of St. James’s Place.

SJP Approved 17/09/2025