The latest SME Growth Tracker, commissioned by Enterprise Nation and Amazon UK, found that SMEs have raised their revenue growth projections for the third quarter in a row and are now forecasting revenue growth of 2.3 per cent in the next 12 months.
According to the Tracker, which surveys over 1,000 UK SMEs and assesses SME growth prospects and views on the broader UK economy, when analysing SMEs that use e-commerce verses those that don’t, e-commerce SMEs forecast greater growth of +2.5 per cent compared to non-e-commerce users who forecast +1.9 per cent. SMEs that use e-commerce also forecast greater employment growth of +1.1 per cent over the next 12 months, compared to those that don’t use e-commerce forecasting +0.6 per cent growth.
A separate survey by eBay showed that 46 per cent were confident about their growth prospects, compared to 19 per cent that expressed pessimism.
Emma Jones, the founder of small business network Enterprise Nation, says optimism is typical of entrepreneurs but suggests SMEs engage in Brexit planning. Over the next two years, she says exporters should look beyond the EU to countries where free trade deals are more likely, such as Dubai, China and the US.
"Businesses should check financials first. Second, make the most of things staying the same. Third, prepare to look further afield," Ms Jones advises.
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.