According to a survey of more than 300 small employers, the SME sector in the UK is “holding steady”, even in an economic climate which remains uncertain, reports corporate support company and provider of company secretarial services London Registrars (https://www.london-registrars.co.uk/).
The Department for Business, Innovation and Skills published a report based on this survey entitled Small Business Barometer, the findings of which were featured in Chartered Secretary, the ICSA magazine. The report revealed that small and medium-sized enterprises are “maintaining their performance, despite the obstacles of the economic environment”. There was concern that the slightly worsening economic conditions in the UK would see SMEs suffer more than larger-sized corporations, however the findings of this particular survey seem to indicate otherwise.
Out of the 500 SMEs surveyed, 31 per cent had increased turnover over the last 12 months, 39 per cent had decreased turnover, and 29 per cent had remained the same. The outlook for the future looked positive however, with 36 per cent of SME employers believe that in 12 months time their turnover will be higher than it is currently, 22 per cent believe it will be lower and 37 per cent believe it will remain approximately the same. According to Chartered Secretary, “the report found that the state of the economy was the most frequently mentioned main obstacle to growth, as it was last year – as cited by 39 per cent of SME employers. The next most frequently mentioned obstacles were cashflow, taxation, competition, regulations and obtaining finance. Of those citing cashflow as an issue, fluctuating income and stable outgoings were the main problems (79 per cent). Fewer SME employers offer credit than was the case in December 2010 (53 per cent, compared with 65 per cent in December 2010)”.
London Registrars assists all sizes of enterprises with corporate and legal support. SMEs can find help with company formations as well as ongoing corporate governance and company compliance. Find out more about the way in which London Registrars helps businesses large and small at https://www.london-registrars.co.uk/.