More than half (54 per cent) of UK small and medium-sized enterprises (SMEs) feel confident about their future despite the numerous challenges on the horizon, a new survey has revealed.
According to a study commissioned by business analytics company Dun & Bradstreet in collaboration with the Small Business Research Centre at Kingston University, more than three quarters (77 per cent) of UK SMEs are anticipating strong financial growth over the next five years – with many unfazed by the challenges posed by the General Data Protection Regulation (GDPR) and Britain’s eventual departure from the European Union (EU).
On top of this, 72 per cent of SME managers and decision-makers feel that the UK is still a great place to start a small business despite the political uncertainties faced by the nation and fears surrounding the impact Brexit might have on trade relations between the UK and Europe.
Despite the nation being largely divided on the issue of Brexit – and whether it will have positive or negative implications for British businesses – the survey revealed that most SME owners are more worried about keeping ahead of their competitors, finding new customers, or identifying new opportunities, than about what Brexit might mean for their organisation.
Other issues such as late payments, falls in consumer spending and exploring new marketing strategies also ranked highly on SMEs’ list of concerns for this year, the report found.