In Focus Commercial Credit
Back to school for two-thirds of SME leaders
Business confidence is increasing, so now is the time for senior professionals to educate themselves in order to take advantage
Gavin Wraith-Carter Managing director, Hitachi Capital Business Finance
The majority of leaders of small and medium enterprises (SME) across the country have plans to brush up their skills in 2020, according to new our new research. This showed that 69% were planning on
attending courses next year, with leaders in the manufacturing (82%), legal (85%) and transport (73%) sectors the most likely to say they want training.
Development areas Top of the list of development areas was digital skills. Of the business leaders with plans for training, 38% said they were after more skills to improve their knowledge of software, the internet and social media. Interestingly, this figure increased to 51%
of leaders in the retail sector – a sign of the direction of travel as shops increasingly move away from the high street and increasingly online. Marketing and PR was also a big consideration for around a quarter (28%) of business leaders.
Brexit Similarly, with a clearer position on Europe potentially around the corner, one in four (25%) would now like professional guidance on the likely impact of Brexit on their firm. This was most keenly felt by leaders in the
While digital skills were a priority, the
Of the business leaders with plans for training, 38% said they were after more skills to improve their knowledge of software, the internet and social media
agriculture (27%), real estate (24%), and hospitality (24%) sectors. Interestingly the proportion of business
leaders under 35 with plans for training in the New Year shot to a massive nine in 10 (88%).
Top five areas of training being sought by SME leaders Digital skills (such as social media, software skills)
Marketing and PR
The likely impact of Brexit on my business Tax and legal issues
GDPR and data privacy January 2020
38% 28% 25% 23% 15%
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environment was a massive consideration for this group – 29% said they wanted training on how to make their businesses more environmentally friendly compared with a national average of 15%. More broadly, the same research found
that confidence within the small business community is gradually increasing. Four in five (81%) SMEs had plans to invest in the New Year to grow their business, while 36% expected their businesses to grow in the next three months.
Conclusion Standing still in a business world as competitive as today for most leaders is simply not an option. Businesses will all have specific challenges to address as the market shifts and technology evolves. The best way of staying a step ahead of competitors is to invest in skills across the business. Set against a period of unprecedented
Brexit uncertainty, the fact that four in five businesses are planning to put money in to grow their business in the New Year, is a further indication of their resilience and determination to succeed. CCR
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