NEWS SMES CONFIDENT ABOUT GLOBAL ECONOMY
New research finds UK’s SMEs are optimistic about the global economy and their role in it – and indicates that they are going ‘back to basics’ to unlock ambitious growth over the next 12 months
THE SURVEY FOUND that 41% of UK SMEs point to using their advantages as an SME – such as agility, innovation and strong customer relationships – as one of their top three strategies for fuelling revenue growth in 2018. Respondents also prioritised agility as the most important capability to develop over the next three years for meeting business challenges, and are planning to consolidate their operational effectiveness in 2018. Just under half of those surveyed (47%) put increasing operational efficiency in their top three contributors to financial performance over the next three years. American Express partnered with Oxford
Economics to survey SMEs from around the globe, to understand the threats they face and the business opportunities and strategies they will take advantage of in the year ahead. The research makes for positive reading, showing that UK SMEs –
the backbone of the economy – will focus on core strengths to support confident growth plans in the coming year. UK SMEs also recognise that staying
close to customers’ changing demands will drive growth this year. In fact, the UK is the most customer-centric market out of the 12 countries surveyed, with 45% of British SMEs saying this is important for revenue growth compared with a global average of 36%. This back to basics approach comes at a
time when the UK’s SMEs feel confident about the global economy, and predict strong revenue growth. Confidence levels among the UK’s SMEs have more than quadrupled in the last year, with 57% of SMEs feeling optimistic about the global economy over the next 12 months, compared with just 14% going into 2017. Confidence levels in the UK are 10% higher
than the global average of 47%. And UK SMEs have ambitious growth targets – with almost a quarter (23%) of UK SMEs (compared with the global average of 19%) predicting they can achieve revenue growth averaging over 10% for the next three years. Jose Carvalho, senior vice president
at American Express Global Commercial Payments, said: “After a challenging few years for businesses of all sizes, it’s encouraging to see such high levels of confidence among the country’s SMEs. Our research shows that the UK’s smaller enterprises are primed for success in 2018 by focusing on their special advantages, staying close to their customers, and improving efficiency. As an integral part of the economy, and the frontline of British business, SME optimism should instil confidence in other UK businesses and stakeholders.”
HSGBS SHOWING HOW IT IS DONE A SMALL GROUP of UK companies are punching above their weight showing they can be a significant force in driving
the country’s economic growth, increasing UK productivity, skills and employment, according to a new report. Representing less than 1% of UK business, these 22,074 companies created on average more than 3,000 new jobs each week. The Octopus High Growth Small Business Report 2018 highlights the significant economic value of the UK’s fastest growing smaller companies. HGSBs are defined as companies with more than 20% average annual growth over three years, and between £1 and £20 million of annual turnover.
www.smeweb.com
SME 5
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52
