Growth predicted by UK SMB bosses

Wednesday 5 December 2012

More than half of all small and medium-sized business (SMB) leaders in the UK expect to see company growth over the next 12 months, it has been reported.

Research conducted by American Express found that 51 per cent of SMB owners are preparing for expansion in 2013, reports the Engineer.

A further 37 per cent expect their businesses to stay the same size, with just 11 per cent anticipating a contraction during the coming year.

For the vast majority of SMBs, any growth is set to be in domestic markets - just a tenth are predicting export-led growth.

The key focus for small businesses will be attracting new customers (80 per cent) and maximising sales (62 per cent), the American Express study found.

Just 14 per cent of SMBs said they would be focusing on cutting budgets to ensure their businesses are in better financial shape.

Over half of all SMB respondents (56 per cent) to the study said they wished they could devote more time to strategy and planning for the future.

However, 38 per cent said they are only planning six months in advance and one in three said they are taking things as they come on a week-to-week basis.

Posted by Jenny Arthur