SMEs confident about financial growth, survey shows
A survey commissioned by global business analytics firm Dun & Bradstreet and the Small Business Research Centre has found that SMEs are feeling confident about their future despite uncertainties over Brexit.
The research surveyed 505 managers and found that 54 per cent are feeling confident about their future success, whilst 75 per cent are confident that they will achieve financial growth over the next five years.
Timely payments were found to be the most critical to the financial success of SMEs, with this being cited by 26 per cent of respondents, whilst 35 per cent said that late payments have resulted in cash flow difficulties.
More than 50 per cent of managers believe that late payments are more of a problem than they were three years ago, with 58 per cent saying that this is placing their business at risk of failure.
The research also found that more than 70 per cent of small and medium-sized enterprises believe that the UK is a great place for starting a business. Businesses are feeling positive despite challenges, with 70 per cent of respondents saying that they have prepared a clear business strategy.
Dun & Bradstreet UK Managing Director Edward Thorne commented: “It was reassuring that the majority of respondents still think Britain is a great place to start a small business, and most believe they’ll enjoy success in the coming years.”
He added: “There’s no doubt there will be bumps along the road, but this is positive news for the overall health of the UK business environment.”