Are trading conditions for your business better today than 12 months ago, and what are your expectations for the year ahead?
Entrepreneurs remain mostly optimistic about the state of their businesses despite ongoing political and economic uncertainty. One in three (33%) think trading conditions are better now than 12 months ago, with those in the IT and manufacturing sectors the most likely to report improvements in trade over the last year. Retail and business services firms feel they are worse off than before.
Many SMEs are optimistic about a boost to revenues in the coming months, with more than four out of ten (41 %) expecting money to flow into their business, and one in ten anticipating a significant increase. Those who are hopeful for improved revenues predict average growth of about two per cent, while larger firms with ten or more employees think 3% could be possible.
How will this growth be achieved? Putting more effort into marketing is the plan for 42% of SME bosses, while 34% see opportunity in new markets. A third of business owners (33%) have plans to introduce new products or services to improve their companies’ fortunes.
SME Banking Club is an international networking platform of business bankers aimed to provide relevant information on what banks and financial companies are offering for entrepreneurs, micro-, small and medium enterprises (SMEs).
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