SMEs afraid of taking risks

A third of UK SMEs say a fear of failure is impacting their ability to take risks and innovate, according to a recent research report which surveyed SME executives from across the UK. 52 per cent believe their business is not ready to respond to disruption from new markets, and over half are unsure of digital technology. This fear, they feel, is having a negative impact on business and is hampering innovation.

With the June 23 referendum on Britain's membership of the European Union upon us, the business landscape is fraught with uncertainty. It is therefore understandable that business owners are weary of taking risks. Due to the size and nature of their businesses, SMEs have the advantage of being able to be flexible and quick to respond to changing market conditions. The key is to partner with the right specialist adviser who will guide you on your strategy and assist  in making those all-important business decisions that will have the greatest impact on future success.

At Beavis Morgan, we know that running your own business can be very rewarding, provided the right structures are in place. We are well versed in working with SMEs and owner-managed businesses of different shapes and sizes, so you can rely on our detailed understanding of the specific kinds of issues that can arise. And, you can count on our expertise and ability to provide the right solutions.

For more information about about how we can help you and your business, contact Steve Govey or your usual Beavis Morgan Partner.