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Business Outlook for UK SMEs

Are Things Looking Up For UK Small Businesses? Spring 2014 SME Outlook We surveyed over 100 small business owners, the backbone of the UK economy, to gauge their optimism for the future. Cause for Optimism Over a quarter of SMES plan to secure funding for their business in 2014. 34% identified Growth & Expansion as their most important 33% said Profit was most important to their business this year. goal for 2014. North East 80% SME owners are Yorkshire & Humberside more optimistic than ever, with an overwhelming majority in the Northern regions hungry to grow. 71% West Midlands 71% South East 71% 37% said new customer acquisition was their biggest business challenge last Over a quarter of SMES cited access to funding as a business challenge from 2013, but more SMES (29%) think that it will be a challenge in 33% year. said it was marketing. 2014. CONSTRUCTION 22% Which Industries Plan To Grow? ARTS 25% SMES are eager to grow, that much is clear. Business owners in these industries said they plan to expand their operations in 2014. AUTOMOTIVE 33% TRANSPORT/TRAVEL 40% EDUCATION 43% RETAIL 43% HOSPITALITY ANDTOURISM 60% ANIMALS/VETERINARY 67% HEALTHCARE 67% FINANCIAL SERVICES 73% COMPUTERS/IT 75% MARKETING 83% Where are SMES Finding the Most Difficulty Obtaining Funds? 40% The SMES surveyed were vocal about the issues their business faced, citing access to funding as one of their top problems. 33% 64% 43% 60% 43% 33% 50% 26% 22% Percentage of SMES with trouble accessing financing 41-50 Key: 21-30 31-40 51-60 61-70 20% of SMES in SMES in the North were most likely to feel let down by their bank. 25% Scotland felt let down by banks. of SMES in Wales said they felt the same. 72% of SMES in the Scotland and Wales showed the most optimism towards bank lenders. North West said they felt let down. 57% of SMES in Yorkshire and Humberside said they felt the same Interestingly, the hunger to grow is strongest amongst SMES in the Northern regions, whilst they actually experience the most difficulty when it comes to securing funding. Is Access To Funding An Issue For My Industry? FINANCIAL SERVICES 18% Our survey also identified the industries with the highest proportion of SME owners who identify access to funding to be an issue for them. COMPUTERS/IT 30% MARKETING 25% HEALTHCARE EDUCATION ARTS CONSTRUCTION RETAIL 33% 43% 50% 50% 57% TRANSPORT/TRAVEL 60% ANIMALS/VET 67% FITNESS & BEAUTY PROPERTY HOSPITALITY & TOURISM 67% 67% 100% If SMES Can't Get Funding, Where Are They Turning? 27% of SMES would 30% of SMES would consider an unsecured business loan to grow their consider a bank overdraft. business. Access to funding is one of the biggest hindrances to business growth in the UK. And yet, some SMES are either reluctant or uninformed about alternative means of accessing capital. There are plenty of viable business funding options available. It's just a matter of determining which one is the best fit for your business. For more information on how alternative financing could help your business and what options are available to you, contact Boost Capital today! BOOST CAPITAL 0800 138 9080 • The survey opened 27/2/2014 and ran for 3 weeks. 112 participants responded. Survey was open to decision makers of UK small business only. A decision maker in this case is defined as a CEÓ, MD or FD within a small business. Śmall business is defined in this case as an organisation containing 250 employees or fewer. Respondents were entered into a drawing for their participation. Only one entry per business was accepted. ob,

Business Outlook for UK SMEs

shared by ChristinaBFS on Jul 09
Small businesses in the UK are eager to grow but are having a difficult time accessing the business funding needed to do so, according to a survey of business owners conducted by Boost Capital. The su...


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