37% of SMEs in the UK claimed to have a pessimistic outlook about the future of their business especially over the next year, there was some positive news that came out of the survey. 43% of UK SMES have shown just how resilient these businesses are as they have launched a new product, service or revenue stream as a result of the pandemic and lockdown. 68% of these related to amended or innovation around existing products or services such as home delivery and 6% are a completely new product or service
47% of these SMEs were previously looking to expand operations international before the pandemic and have now changed focus to purely on the UK and growth in this market. With this shift in focus, SMEs are also looking to their professional advisers for supporting advice, with 39% of respondents saying they would like to see more information about opportunities to grow in the current climate from their professional advisers. At the SME club we offer expert advice through our expert page - click here to find out more
Matt Katz, Partner at Buzzacott and head of the Corporate Finance team, who carried our the research, explained: “During the course of the COVID-19 pandemic, what we’ve heard from clients is that one of their most valuable tools has been sharing thoughts and learnings within their peer community. Our survey’s findings show that while some entrepreneurial businesses are struggling, many are looking at ways to grow, with a focus on innovation and the UK market.
“This is reflective of the conversations we are having with our clients, many of whom are looking to maximise the opportunities in the domestic market which present ample room for growth, instead of exploring more uncertain and unchartered territory overseas during this time.”
The findings from the survey serve to bolster the knowledge sharing between entrepreneurial businesses, helping to understand the actions they have taken and their sentiments for the future. With 7 in 10 businesses expecting to have either the same number or more employees this time next year, it is now more important than ever for British SMEs to hone their priorities by learning from one another.