Many Admit They Could Spot Growth Opportunities More Quickly

According to the latest Close Brothers Business Barometer, two fifths of small and medium-sized firms are dissatisfied with how their organisation is performing.

The quarterly survey also found that many SMEs thought they could be more innovative and proactive when it comes to identifying growth opportunities.

Mike Randall, CEO of Close Brothers Asset Finance, said: "Innovation is a critical part of many firms growth strategies and yet our survey has highlighted that the ability to be innovative is a stumbling block for many businesses.

"Less than a third of the companies we talked to felt that they are sufficiently innovative. As the economy continues to gather pace, we need to prioritise the creation of a business environment that encourages the commercialisation of new ideas.
 
"That means financiers investing in small business so they in turn can invest in the things that they need to be truly innovative - whether that’s research and development, new machinery, the latest technology or additional staff."

The Business Barometer also revealed that 38% of those surveyed intend to seek funding for growth within the next 12 months, but of that figure, half are concerned that their request for finance will be turned down by their bank.

Expert Opinion

This survey reveals some interesting findings and I think it also uncovers the ambition that our small and medium-sized companies have. Many are doing well, but a large proportion think they can do better. SME are the bedrock of the UK economy and it is encouraging to see that they are not being complacent. <br/> <br/>“It also highlights a number of issues in relation to financing growth and also awareness of the different options that are available. <br/> <br/>“Business are clearly aware of the growth opportunities that exist. It is vital that SMEs are encouraged to become more innovative and explore new markets, but is equally important that as they do, they have access to the necessary finance to allow these plans to be realised.” <br/> Steven Beahan - Partner