FSB And EEF Studies ‘Both Point To Brighter Future For SMEs’

Lawyers Call On Growing Businesses To Get Support They Need

16.09.2013

By Rob Dixon

Legal experts specialising in providing support to small and medium-sized enterprises (SMEs) have welcomed two new studies highlighting improvements in the outlook for growth, but urged businesses to ensure they get the advice they need to tackle any obstacles which come their way.

New research from the Federation of Small Businesses (FSB) has revealed that confidence among such companies is at all-time high, with the feeling now feeding through into investment in people and organisations.

It found that four in ten firms reported increasing revenues in the past three months, while more firms are now looking to take on staff rather than cut their workforce.

The report follows a study from manufacturing body EEF, which also found the outlook for the future has improved but added there remained much to be done to ensure a sustainable recovery emerges.

According to the organisation, the Government must be clear on its economic priorities if the new data is to be transformed into proper growth and improved standards.

Both views have been welcomed by business legal experts at Irwin Mitchell, who have vast expertise in providing businesses of all sizes with vital advice and tools to support their growth and investment.

Steve Beahan, a Partner and specialist in SME issues at Irwin Mitchell’s Sheffield office, said: “It is hard to argue against the conclusions of both studies, which ultimately point to a brighter future for the economy and businesses.

“While the FSB survey offers a more optimistic tone, the EEF report is a more sobering and timely reminder on the need to avoid complacency when looking to take a business to the next level and take advantage of the opportunities which are now emerging for those in a robust position.

“Getting the right support is a vital first step which allows SMEs to prepare for all of the chances which may emerge, as well as any obstacles that can arise on the road ahead. We would urge any businesses looking to move forward in the coming months to ensure they have the right provisions, support and advice in place to enable them to do so.”

Read more about Irwin Mitchell's expertise in relation to SMEs