SMEs Expect Revenue Increase in 2017

The SME Growth Tracker, a report based on a YouGov survey of more than 1,000 SMEs, acknowledges that despite SMEs reporting resilience in their own businesses, there is concern over the economic climate and its potential impact on British businesses.

The report, which is in association with Enterprise Nation and Amazon UK, reveals that SMEs expect revenue growth of 1.8 per cent and employment growth of 0.8 per cent in 2017, compared with a prediction of 1.5 per cent revenue and 0.7 per cent employment growth in the Q3 tracker.

Despite the positivity surrounding expected revenue growth, the SME Confidence Index score dropped from +5 in the Q3 tracker to -4 regarding business owners’ own companies, from -2 to -9 for their respective industries and from -13 to -15 for the entire UK economy.

74 per cent of SMEs have not halted business decisions as a result of Brexit, presenting only a slight change since the 77 per cent reported in Q3.

Doug Murr, Amazon UK country manager said, “From micro-businesses through to small and medium-sized enterprises, companies employing fewer than 250 people are the backbone of the UK economy, making up over 99 per cent of all UK businesses and providing 60 per cent of UK private sector employment. Their confidence, future growth, and ability to harness the power of the internet and technology are all significant indicators of Britain’s quality of life and ability to compete on the global economic stage.”

Emma Jones MBE, founder of Enterprise Nation and small business crown representative said, “Britain’s small businesses play a crucial role in driving our economy, and are the most driven, adaptable, and resilient you will ever meet. With the right support, like lower rates, easy access to finance, and digital opportunities which boost exports and productivity, you’ll continue to see them grow year-on-year.”