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Wednesday 29th May 2024, 2:00 PM (BST)

Strong growth expected by UK SMEs

Strong growth expected by UK SMEs

Nearly two-thirds (65%) of SME owners believe that a bright future is on the way with forecasts of growth of up to as much as 40% over the course of the next two years, according to the annual survey of SMEs in the UK carried out by Wesleyan Bank, the specialist commercial finance provider.

The SME Heroes or Zeros 2018 report shows that 54% have greater confidence regarding the prospects of their companies in 2019, with the possible impact of Brexit a source of concern for just 11% of respondents. Even in spite of the uncertain economy of the UK, the findings demonstrate that there has been a significant shift from business owners in terms of defiance.

50% are convinced that Britain leaving the EU will have no impact on their company’s strategy, a massive increase on the 28% that believed that last year.

Wesleyan Bank’s Head of Direct Sales Paul Slapa said that the economic outlook of the UK is often affected by negativity but that the new research shows the strong performance of SMEs and that their foundations are solid enough to prosper even after Britain exits the EU.

Slapa said that SMEs have no reason to put on hold their investment plans to sustain and maximise growth and that flexible funding solutions can also be of benefit to them.

He added that they can leverage external financial support by way of specialist lenders to spread the cost of buying new technologies and equipment and ensure that their investment gives them a faster return.

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