A survey by business insurance broker Simply Business shows that although 73 per cent of SMEs do not expect the economy to improve in the next year, 62 per cent still expect their revenue to grow within this period.
Expanding their business is the key focus of these companies, with 65 per cent saying “winning new business” will be their number one priority.
Six per cent named securing funding as their main priority and the same number said reducing costs would be their most important consideration. Over a quarter of business owners plan to hire new employees over the next 12 months.
Banks remain the first port of call for most SMEs when looking for funding over the past year, 11 per cent of the SMEs questioned by Simply Business have sought a loan from a bank. Of these, 67 per cent were granted credit and 33 per cent were refused.