Geopolitical uncertainty has become a very real problem for many Spanish SMBs: less room to maneuver in the cash box. Beyond the macroeconomic impact of international conflicts, businesses are feeling their effects on three very direct fronts: the higher cost of energy and raw materials, pressure on transportation and suppliers, and financing that, while improved compared to the worst moments of rate hikes, remains more expensive and more demanding than before.
The result is an increasingly common paradox: companies that keep orders, bill, and even grow, but have more trouble turning that activity into available liquidity. According to the latest CEPYME Indicator, nominal sales of SMBs rose 6.3% year-over-year in the fourth quarter of 2025, though in real terms the growth was more modest, at 4.9%. In other words, a significant portion of the growth is explained by prices, not necessarily by an equivalent improvement in profitability.
Pressure is better understood when looking at costs. CEPYME notes that operating costs of SMBs tied to inputs rose 0.6% year-over-year in Q4 2025, but have accumulated a 25.2% increase since late 2019. It also warns that the conflict in the Middle East could reheat tensions around energy, natural gas, and petrochemical products.
The Cash, the Weak Point
For an SMB, the problem isn’t only paying more for energy, raw materials, or transport. The real blow comes when those costs are paid before invoices are collected. If a supplier demands shorter payment terms, if the bank asks for more guarantees, or if a client delays, the business may be selling, but running out of financial oxygen.
The delinquency continues to be one of the major tension factors. The average payment period to SMBs stood at 80.5 days in 2025, still 34% above the legal maximum of 60 days, according to CEPYME’s Delinquency Observatory. The financial cost associated with those delays is €1.957 billion.
To this is added that access to financing remains a relevant obstacle. The Spanish Chamber of Commerce identifies among the main barriers for SMBs the cost of financing, the lack of guarantees or collateral, and the difficulty for financial institutions to understand certain business models.
Most Exposed Sectors
The sectors most affected are those that combine three characteristics: high energy consumption, dependence on imported raw materials or components, and difficulty passing costs to the final price.
The industrial sector is one of the clearest cases. In a recent survey by CEBEK among Basque companies, 44% said international conflicts were negatively impacting their costs, especially in energy, raw materials, and transport. 67% perceived or anticipated increases in energy, 52% in transport and logistics, and 45% in raw materials. The industry association also noted that industry was, by far, the most affected sector. (Cadena SER)
Transport and logistics are also especially affected, due to their exposure to fuel; agri-food, because of energy costs, packaging, fertilizers, and distribution; construction and renovations, due to volatility in materials; and retail, which faces strong margin pressure because prices cannot always be raised without losing demand.
The problem worsens when a company operates under closed contracts or budgets set months in advance. In those cases, a sudden rise in transport costs, electricity, or an imported component can turn a profitable order into a near-margin operation.
What Decisions Are Companies Making
The first reaction of many SMBs is to revisit prices, but it isn’t always possible to pass the entire cost increase to customers. In the CEBEK survey, 45% of companies said they could not transfer the rise in costs to the market, and 32% could do so only partially.
That’s why companies are combining several strategies. One is renegotiating conditions with suppliers: payment terms, volume discounts, energy contracts, or more stable supply agreements. Another is adjusting inventories. After supply problems in recent years, many companies had chosen to build stock; now, with tighter cash, they are seeking a balance between supply security and capital tied up.
Diversifying suppliers also gains weight. Relying on a single source or a long logistics chain has become a financial risk. It’s not just about avoiding stockouts, but about reducing exposure to unexpected increases and delays that can block already committed sales.
In parallel, many SMBs are turning to short-term financial tools: working capital lines, confirming, factoring, or guarantees from reciprocal guarantee societies. The goal isn’t always to invest more, but to cover the gap between payments and collections. Liquidity has become a strategic variable.
Another increasingly common decision is to prioritize investments that reduce structural costs. Digitizing processes, automating administrative tasks, improving energy efficiency, or financial management solutions are no longer seen only as modernization projects, but as ways to protect margins and liquidity. In the CEBEK survey, 72% of companies said they were implementing the planned investments, with digital transformation and IT systems as the main focus.
A New Scenario for Managing the SMB
The situation does not necessarily imply a drop in activity. In fact, many SMBs continue to sell. But the context requires managing with more precision than ever: knowing how much each order really costs, when it is paid, what margin it leaves, and how much cash is consumed until it is completed.
The war and international uncertainty have highlighted an uncomfortable reality: profitability is not measured only in sales, but in liquidity. For many Spanish SMBs, the 2026 challenge will not be only growth, but growth without running out of cash along the way.
