SMALL IS BIG BUSINESS


IN THE FIRST HALF OF THIS YEAR small- to medium-sized enterprises (SMEs) in the UK and Northern Ireland posted stellar profits, according to a recent report. Despite this seemingly posi- tive news, the SME Finance Monitor, which surveys 5,000 businesses every quarter about past lending and future borrowing intentions, found that eight in ten would not be asking banks for finance to help grow over the next year. It’s not that they don’t want to


40 BBT JULY/AUGUST 2014


drive their companies forward. It’s just that with memories of the recession still fresh in the mind, few are willing to risk taking on any debt unless it’s absolutely necessary. Or until the economy is showing genuine signs of sustained growth. The good news for the business travel sector is that SMEs are travelling. A lot. The quarterly transaction survey published by the Guild of Travel Management Compa- nies (GTMC) has shown a steady increase


BY FAR, THE MAJORITY OF UK COMPANIES ARE SMEs – A VAST POTENTIAL MARKET FOR ENTERPRISING TMCs


in air, hotel and ground transportation bookings over the last 12 months. That said, there is still a reluctance in some quarters to commit formally to managing travel spend. Barry Whittaker, executive director of Travel Leaders UK, believes there are still huge opportunities for travel management companies (TMCs) to help SMEs save money and get the most from their travel budget. “A lot of companies do not believe their travel spend is significant enough to merit a managed travel policy,”


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