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Survey reveals challenges faced by SMEs

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The survey explores the challenges faced by SMEs since the economic downturn in 2008. For most, the biggest issue remains funding, with 21 per cent citing increasing costs of energy and travel as a major hurdle this year.

When it comes to HR, 36 per cent of SMEs, across all sectors, found it difficult to identify and recruit talented employees. This was found to be more complicated than even staff training or staff turnover.

SMEs also identified staff morale as having a big impact on the business, with 25 per cent claiming that social outings was one of the best ways to keep motivation levels high.

Some have even identified Facebook (38 per cent) and Twitter (26 per cent) as the most difficult platforms to engage with consumers.

But SMEs are ever searching for ways to overcome these hurdles, and the survey deemed to find out how.

Nearly a quarter of those surveyed are planning to invest a large sum of their budget into HR, with those in the financial sector stating that most of their time will be spent of improving their knowledge of this area of the business.

Some 19 per cent within the health and fitness sector aim to focus on customer service, with 14 per cent of financial companies citing the same.

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