A fast and convincing economic recovery is a top priority for small and medium sized enterprises across the UK. The past few years have brought some tough times for many smaller firms in the nation, but forecasts from each and every corner are now beginning to point in the right direction.
Small and medium sized businesses are not only waiting eagerly for the UK to return to pre-recession economic levels, but they are at the forefront of the movement for growth. Alongside the government incentives which are set to encourage investment in UK SMEs, the companies themselves are working hard to bring the UK economy back to full health.
A recent collaboration report highlights how businesses across the UK are actually working together to help speed up the economic recovery, and while the report did show that almost half of these businesses are still in ‘survival mode’, the overall impression is overwhelmingly positive.
Figures showed that over 80% of SMEs have increased or unchanged confidence, while 68% of businesses are collaborating with others. This amounts to over 3 million SMEs in the UK sharing “skills, expertise and mutual networks” to boost one another’s recovery.
The sharing of resources is one of the most significant aspects of the collaboration report. The fact that small businesses are pooling their resources shows their resilience and willingness to contribute to a full and fast return to good health for the UK economy.
One of the main ways in which small and medium sized enterprises are able to contribute towards the recovery on a national scale is in the jobs market, with the recent report showing that the positive changes SMEs are seeing are being passed directly on to the jobs market. Specifically, almost one quarter of businesses are looking to increase their office headcount in 2014: almost double the number of respondents who were looking to downsize in the year ahead.
Another finding worthy of note is the increased appetite found among businesses to look overseas. Many businesses are looking to focus on a growth plan which is based largely on exports. Indeed, one in five UK businesses is looking to expand their client base internationally in the coming year.