30% of Ukrainian entrepreneurs plan to expand their business despite the war – Payoneer survey

Despite significant obstacles, 30% of Ukrainian enterprises strive for growth, and 36% plan to hire more personnel this year. This is stated in the survey of the international payment platform Payoneer.

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How the war affected business

According to the results of the survey, the full-scale war in one way or another affected 97% of SMEs. 77% of respondents noted that the war had a very strong impact on their plans, and another 20% said that it had a slight effect.

Ukrainian business is gradually returning home. So, 69% of enterprises now have all their staff in Ukraine, despite the war, and 25% have only part of their staff abroad.

Companies adapted to the new reality and entered a more stable rhythm of work. This made it possible to plan activities an hour in advance, unlike at the beginning of the war, when many enterprises could not make plans longer than two or three weeks.

Read: Business has worsened its expectations for the coming months – survey

Yes, this year 56% of businesses plan to maintain their current positions on the market. At the same time, 30% of them strive to develop and scale.

In addition, some companies strive to introduce innovations and diversify products and services (4%), explore new markets (2%) and enter into partnerships (8%) to move forward.

These plans are also reflected in the number of companies planning to hire more employees in 2023. The results of the survey indicate that 36% of them plan to expand their teams, despite the serious difficulties in running a business during the war.

A significant number of Ukrainian MPBs (56%) claim that they lack their own resources to achieve their business goals. However, 44% of enterprises believe that they can achieve them without external support. This figure makes it possible to assume that most of the Ukrainian business is resourceful enough to achieve its goals independently.

This hint of strong independence is further strengthened if we look at those who are aware of international or state support programs (23%), but have not yet turned to them for help (81%).

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Source: Ministry of Finance

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