UK SMEs are feeling more ambitious, research shows

SMEs and mid-market businesses in the UK are feeling more ambitious than they did a year ago, according to the Ambition Index Report, which was produced by Lloyds Bank National Business Awards.

The report, which revealed how businesses are feeling about ambition, talent, Brexit and the challenges that they are facing, found that 45 per cent of businesses are feeling ambitious, despite concerns over Brexit, Article 50 and a weaker pound.

Opportunity

The report showed that businesses are feeling positive despite the triggering of Article 50 last month, with one third hoping that Brexit is going to have a positive impact and 30 per cent seeing the changes as a new opportunity.

Businesses revealed the reasons why they believe the impact will be positive, with 23 per cent saying that it will include less restraints, and a further 23 per cent believing that it will provide a good opportunity for foreign trade investment.

The report also found that the 42 per cent of businesses that are feeling less ambitious believe that it is a result of bad management, with unclear business strategy being cited as one of the main reasons at 38 per cent rather than Brexit and Article 50.

Positive

Commenting on the report, National Business Awards Group Brand Director, Tom Broughton, said: “The Ambition Index Report has given us some very positive results about the nature of both British ambition and the state of UK businesses.”

He added that it is possible to see how ambition filters through those who are at the helm of businesses, across every region and companies of various sizes.