Three-quarters of SMEs (75%) said they were confident they will be able to get access to funding to grow their business further over the course of the next 12 months.
This figure was taken from our latest Future Attitudes Report, showing that the optimism amongst SMEs is on the up compared to 2016. This is an increase of over 10%, which is a refreshing insight in an economy that has had to deal with the uncertainty surrounding Brexit.
Furthermore, over one in ten (11%) of SME bosses expect to see a significant increase in profits in the next 12 months, while more than two-fifths of SMEs (42%) believed their business revenues will increase over this time, compared with 39% in Q4 2016. You can view the full report here.
Why is it crucial we continue to support SMEs?
SMEs play a crucial role in sustaining a healthy economic climate and their contributions account for a large share of the money generated in the UK. There are 5.7 million SMEs, employing 16.1 million people in this country, and they account for 51% of the UK’s total business revenue. This highlights the importance of continued support for this sector from the Government, brokers and lenders alike.
The Future Attitudes Report also reveals the methods that will be used to achieve business goals. It suggests that organisations are concentrating on marketing, with half of the companies making this a key focus area. Almost two-fifths (39%) intended to launch new products or services, while a third (33%) said they would enter new markets.
Despite there being every reason to be optimistic, it still seems that there is more to be done to build awareness of what lending options are available to SMEs from both brokers and lenders. A revealing two in ten (20%) of those who were surveyed in the report admitted to being unaware of different funding options. The upside of this however is that there’s further room to grow businesses in the UK with the right awareness of these lending options.
At Aldermore we put the ambitions of your clients first. Whatever their goals, from expansion to acquisition, alleviating cash flow stress to reducing finance costs, we want to make them happen.
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