Small businesses expect growth, but face technology and skills gaps

A recent report shows 73 per cent of small businesses with five or more employees anticipate growth over the next two years. Of the 1,000 small businesses surveyed, only 5 per cent said they were likely to downscale, while 50 per cent said they are planning to recruit during the next two years.

There was a clear divide in opinion on the impact of Brexit, with 36 per cent feeling it will help them enter new markets, and 41 per cent expecting negative consequences.

The survey also found that the UK’s continuing skills gap remains a key concern for small businesses, with access to skilled staff being a continuing challenge for firms, especially those in the manufacturing, construction, medical and healthcare sectors.

To add to this, a separate report of small businesses in the North of England shows that access to better digital infrastructure is urgently required to close the digital divide. There is also a clear need for businesses to seek the help required for them to become more web savvy.

At Beavis Morgan, we work with entrepreneurs and small businesses, ensuring that the right processes are in place to achieve business success, helping them navigate the challenges and make the right decisions both now and for the future.

We work as an extension of your team, providing a speedy and cost effective payroll solution for example, even offering clients the opportunity to outsource their entire finance department, saving you the time, expense and effort of recruiting people to manage these functions in-house.

For further information, contact Steve Govey or your usual Beavis Morgan Partner.

Further reading:

Regulatory and compliance issues a concern for small business