SMEs still planning to grow » SMEInsider

SMEs still planning to grow

Despite the continued headwinds buffeting the UK economy, it seems that small business are still planning for growth. A new survey, released yesterday, revealed that nearly four in ten (39%) smaller businesses intend to hire new staff over the next five years, more than 40 percent of SMEs (42%) plan to launch new products to boost their growth, while over half (53%) of businesses will increase their marketing efforts to grow.

Only 14 percent of those questioned in the survey conducted by private bank Aldermore claimed that they will not be taking positive action in order to grow their business.  With 86 percent , the vast majority of British small and medium firms are in the growth business and making firm plans to achieve it.

The news comes on the back of conflicting views of SME confidence. With the EU referendum looming, there are many small businesses still uncertain about their future prospects.


SMEs still proactive

However, Carl D’Ammassa, Aldermore’s group MD for Business Finance, said, “It’s clear that SMEs are being proactive and have strong plans in place to grow their business over the next five years. Not only are they intending to promote their business through increased marketing activity but they are also taking steps to launch new products and hire new staff.

“Whether this is despite of or in reaction to the upcoming uncertainty brought on by the EU referendum is difficult to gauge. However, what is clear is that, these steps will serve to increase the ability of SMEs to continue driving economic growth in their communities and throughout the wider UK economy.”