- Half (50%) of business owners who are expecting an increase in business revenues over the coming year plan to make this happen by increasing marketing efforts;
- Over two in five (42%) think their business’ revenues will increase over the coming twelve months, compared to 39% this time last year.
The latest Aldermore Future Attitudes report reveals that three quarters (75%) of SMEs, representing 4.13million* small and medium sized businesses across the UK, are confident that they will be able to access the funding they need to grow their business over the next twelve months, compared to only 63% in Q4 2016.
The report, which surveyed over a thousand-business decision-makers across the UK, found that business owners are also more confident that their revenues will rise over the coming year. The methods of securing this growth vary with half (50%) planning to increase marketing efforts, just under two fifths (39%) launching new products or services, and a third (33%) entering new markets.
In total, more than two in five (42%) SME owners think they will see an increase in their revenues, compared to 39% in Q4 2016, with over one in ten (11%) of bosses expecting to see a significant increase in profits over the next twelve months.
Carl D’Ammassa, Group Managing Director, Business Finance at Aldermore, said: “It is encouraging to see that optimism amongst SME leaders is increasing, with attitudes towards business revenues staying positive for the next 12 months. SMEs make an essential contribution to the UK economy and with Brexit discussions progressing, their ability to obtain finance and help support the growth of the UK economy will be crucial.
“Planning can be a difficult task, but to ensure ongoing success, every business owner needs to have a vision for growth and an understanding of how they would like to get there.”
For further information, journalists can contact:
Carmel McCarthy, Aldermore
Phone: 020 3553 4216
Mobile: 07464 644754
Tom Pavey-Smith, Lansons
Phone: 020 7294 3606
Mobile: 07917 165588
Notes to Editors:
Research conducted by Opinium Research between 26 and 31 October 2017 with a nationally representative sample size of 1,008 senior decision makers in SMEs.
* SMEs figure – calculated using Federation of Small Business statistics that say the UK has 5.5m SMEs (2016 figures). Aldermore Future Attitudes research showed that 75% of SMEs are confident that they will be able to access the funding they need to grow their business over the next twelve months. 75% of 5.5m = 4.13m
For further information about Aldermore, please review our Notes to Editors page