UK SMEs predict 25% sales growth in the next financial year

ew research from Skipton Business Finance says that UK SMEs across all sectors expect significant sales growth over the next financial year.

UK SMEs across all sectors predict an average 25% sales growth for the next financial year, according to Skipton Business Finance.

Growth-based research

Businesses were also questioned about whether they can see themselves hiring more staff, with over a third of SMEs (35.9%) replying with a confident “yes”, and a further 43.62% responding with “possibly”.

SMEs across all sectors were included in the survey, including:

  • Manufacturing and construction
  • Haulage and transport
  • Printing and media
  • Recruitment
  • Maintenance and repair
  • Food and drink

When grouped into individual sectors the data reaches a similar 25% average sales growth confidence for each sector.

Greg Bell, Managing Director for Skipton Business Finance commented:

“We’re shocked and surprised by these results. When we conducted the research we were expecting to find a modest average of 5-10% but 25% is truly amazing. This is despite SMEs having to face the uncertainties of Brexit and SME confidence hitting a seven-year low as recorded by the Federation of Small Businesses (FSB).

“If there is one thing that we can take away from this survey is how the UK’s SME industries continue to be persistent and resilient even in uncertain times.”

Brexit uncertainty

Many SMEs mentioned the uncertainties of Brexit affecting their business while others said that having a digital working solution helping to make things easier.

“It’s more important than ever that in times of uncertainty someone can provide SMEs with reliable solutions,” continues Greg Bell.

“As cash flow is the life blood of any business, we believe that focusing and improving on this can be a real life saver for many businesses.

“In today’s fragile economy businesses that are still looking to expand and grow need the certainty of robust cash flow to fund their aspirations. Invoice finance provides this assurance and allows the management to focus on their business.”

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Anna Jordan

Anna is Senior Reporter, covering topics affecting SMEs such as grant funding, managing employees and the day-to-day running of a business.

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