Despite the pressures, small and medium sized businesses (SMEs) in the UK appear to be reacting bullishly to the credit crunch, according to a new study. When asked if they had to start their business again in today’s economic climate, 61% of SMEs said they would do immediately. The research, by The Credit Show, shows that SMEs plan to expand sales in the UK on average 56% in the coming year. The study is based on detailed online interviews with 117 small and medium sized businesses. The businesses were drawn from across the UK and from a mix of sectors. In general, the study paints a picture of an SME community in bullish mood. Just under half plan to expand into a new area in the next 12 months and a further 37% will recruit new staff. Over one in three plan to launch a new product or service and only 1% plan to scale back their operations. Indeed, when asked to state their future optimism, over three quarters (78%) of SMEs said they were confident about the future of their business. The report showed that 28% say that they are now finding it harder to borrow from the bank, whilst 38% of respondents from the same survey admitted to not noticing the credit crunch.
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Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
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