This month we’ve been talking to SME decision makers to identify some of the key issues that they are facing today, writes Carl D’Ammassa. Our quarterly SME Outlook report provides a great deal of interesting data and insight pulled together from more than one thousand SMEs in the UK – definitely worth a read if you’re interested in understanding some of the worries and concerns of, as well as the progress being made by, the UK’s small and medium-sized businesses.
One of the biggest takeaways from the survey for me was that SMEs appear to be doing fairly well. Nearly half of those surveyed said they have no business concerns keeping them awake at night. SMEs are still the most confident group in the UK business landscape. This was reflected in the survey as around 40% of respondents said they intend to grow through launching new products and services within the next year. In addition, a third of SMEs said they would drive their growth through hiring new staff and investing in technology.
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These are reassuring figures, especially when you consider the effect that this will have on job creation and correspondingly the economy as a whole. The SME Outlook goes to show how vital and powerful a force SMEs can be in driving growth and recovery in the UK.
Of course, this is great news for both the commercial finance and introducer communities. As SMEs seek to grow and develop, they will naturally be looking at finance options. I’m glad to say that the market also appears to be in a good place to support these aspirations. The outlook for businesses, especially SMEs, in the UK is bright, and lenders and their introducer partners need to ensure that owners are aware of all of the available options that could help them to expand and fulfil their business ambitions.
SMEs in the UK have not had an easy ride over the past few years but they are clearly in robust shape and confident about the future. This should ensure that those of us in the finance industry will see continued high demand for our services over the next 18 months and as an industry it is vital that we’re ready to meet this demand.
Talking of the future, you may also have noticed that my title has changed. My responsibilities have recently expanded and I now head up Business Finance at Aldermore, which includes asset, invoice and specialist finance. This is the first time that we have brought these finance lines together at Aldermore. In doing so, our intention is to deliver a seamless and consistent service to our introducer partners and SME clients, whatever financing needs they wish to discuss. Our aspiration is that regardless of which team you contact, you’ll be sure to get the same high level of service.
I want to ensure that the new business finance team, as well as our introducer partners, gain an ever better understanding of every product and service that we offer to ensure that SMEs receive the right advice and solutions for their needs. Fundamentally, the consolidation of our business finance offering puts us in a good place to develop a wider suite of products and services to support ambitious and growing British businesses.
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By GlobalDataCarl D’Ammassa is group managing director – business finance at Aldermore Bank.
