Hold on tight – it’s going to be a rollercoaster of a ride. We will strap you in, turn you upside down, throw you side to side and leave you disorientated and uncertain of the ground you are walking on.

All SMEs want is consistency and some stability. Of course it is a moment of frustration but like all entrepreneurs we know the show must go on despite the uncertainty and unpredictability.

The pound fell against the dollar – to its lowest level since 1985. The mini budget cut taxes and increased borrowing. The Bank of England has stepped in, in what has been described as emergency action unleashing a £65billion bond buying programme. I am no economist but what I am is a businesswoman and someone who works with businesses.

As far back as April 2020, I wrote in The Yorkshire Post that unless there is a clear objective – which is in essence there is with “growth of the economy” - with a clear hard strategy, there was a strong likelihood of recession and possibly the likes of the Great Depression.

Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng visit a construction site for a medical innovation campus in Birmingham

‘Fearmongering,’ I am sure a lot of you said but it is all about the plan and the execution of the plan. Any business, regardless of size, understands that in order to achieve the said objective, it is often wise to bring in diverse thoughts and experiences with expert advisors.

The Prime Minster has made it clear that that “hard decisions” need to be made and she is not going to back down.

Many small and micro businesses won’t really see the true benefits of what the chancellor has offered, including the caps on energy bills which are slowly destroying many businesses.

The cap in many instances is only partially helpful in that at least the prices won’t go higher, but they are already three times what they were. The small business needs consistency.

It is hard enough to plan in light of supply chain issues and increases in raw material and energy prices but the constant changing landscape makes things even harder to manage (such as the changes in the National Insurance – which may be welcomed or not, but the lack of consistency in the past months and years is taking its toll).

A real concern to all businesses, both commercially and ethically, is trying to ensure that employees are paid adequately to meet the increase in cost of living. It is hard given that rents are increasing alongside their own energy costs.

The needs of the small business cannot be ignored. SMEs are often referred to as the backbone of the economy. It is easy to see why. They employ almost 61 per cent of the total labour market in addition to contributing to the fortunes of the UK economy.

Mark Sismey-Durrnt, chief executive at Hampshire Trust Bank, said their report “demonstrates the critical importance of SMEs as the engine room of the economy. Their sizeable contribution to the fortunes of the UK economy cannot be ignored.”

The question I have to ask is should more focus and assistance be placed with the smaller business to help them grow and thrive? Does the mini budget really go the distance for them?

With all the turmoil the announcement has created and the general concerns we have over levelling up the North, I guess all we can do is keep going and watch not so much from the side-lines but the trenches and see what happens to the economy.

All we want is the ability to plan hold steady and steer in calmer waters.

I feel like throwing the whole stack of cards up in the air and walking.

Rashmi Dube is a partner at gunnercooke

Small businesses face rollercoaster ride from Liz Truss's Government - Rashmi Dube