A far-reaching new study has shed light on some of the most common ambitions and fears held by Britain’s small and medium-sized enterprises (SMEs).
Research carried out by smeweb.co.uk has revealed the top 10 factors affecting UK SMEs this year, highlighting the ups and downs affecting businesses all across the country.
According to the sites’ business snapshot, the European Union (EU) referendum result dealt a temporary blow to the confidence of small businesses last year, but firms are generally feeling confident and optimistic now that Brexit negotiations are underway.
Two in five small businesses have predicted growth and expansion in the three months ahead, while a further 46 per cent of firms consider the period of uncertainty surrounding the UK’s withdrawal from the EU as an opportunity for their business, the research reveals.
Smeweb.co.uk has also identified the top drivers of growth for UK SMEs.
Their research suggests that SMEs are predominantly concerned with keeping costs down (cited by 32 per cent of firms), closely followed by improving their cash flow (19 per cent), counteracting late payments (17 per cent) and expanding into overseas and multinational markets (15 per cent).
Looking ahead, the majority of businesses told the study that they would be eyeing up overseas expansion, hiring more people, moving to larger premises and investing in new equipment going into 2018.