SMEs bullish despite economic uncertainty

Four out of five small and medium sized businesses (SMEs) in the UK believe their business will grow in the next 12 months, despite the political and economic instability.

The latest Enterprise Index, a quarterly barometer testing the views of around 200 business leaders and entrepreneurs, found that 78 per cent of SMEs are predicting growth, while only 37 per cent expect the economy to improve over the coming year. This figure is down from 50 per cent in the first quarter of 2017.

A spokesperson for the report, which shows that just 40 per cent feel the government has their best interests at heart, says that both the government and larger businesses need to support small businesses more to help them through a challenging period.

“Entrepreneurs are the lifeblood of Britain’s future. They need looking after, and definitely fewer shocks. Uncertainty is not the businessman’s friend but, due to circumstances outside their control, that is the situation that faces them.

“The onus is on the government to change this but perhaps the leaders of larger businesses need to start coming to the fore. SMEs face a challenging period and they need everyone to pitch in to ensure the United Kingdom remains the premier place to start, develop and scale-up a business.”

For information about how we can assist by putting processes in place to lessen the impact of Brexit on your business, contact Steve Govey or your usual Beavis Morgan Partner. Our SME business experts at Beavis Morgan are available to structure your business with cashflow and profit forecasting to measure performance and maximise opportunities.