01204380038 syddall@pbsyd.co.uk

71% of SMEs plan to increase sales

28th May 2019

Small business ambition is on the rise, according to Government research, with more small and medium-sized employers planning to grow their sales in the future.

In a survey by the Department for Business, Energy and Industrial Strategy, 71% of SME employers said they aimed to grow their sales over the next three years.

This was a significant increase on the previous year, when 62% of SMEs said they planned to grow.

Micro-businesses - those employing between one and nine people - were the main drivers of this change with 69% aiming to grow, up from 59%.

The most popular growth-related activity was increasing workforce skills, as 61% of SME employers said they would do this in the next three years.

This was followed by recruiting new staff (53%), introducing new working practices (42%), and planning to increase managers' leadership capability (37%).

However, businesses also faced certain obstacles to their success, with 46% citing competition in the market as their main problem.

Regulations and red tape were also a common issue (43%), followed by taxation (40%), staff recruitment and skills (33%), late payment (33%), and Brexit (29%).

Contact us to discuss your business plans.

Get it on Google play Available on iTunes

 ICAEW

 

    Iris Logo      2020 Innovation logo 

BAS Logo        ACIE Logo Sage Accountants Club logoVouched For logo KashFlow  Quickbooks Pro Advisor LogoXeroFreeAgent