16.01.2015

Research Finds Many Saw Revenue Increases Last Year

Three-quarters of SMEs in the UK matched or improved the previous year's turnover in 2014, according to research by LV= Broker.
 
The insurer polled 750 SMEs to find that 41% of businesses actually saw their revenue increase, while 34% said it remained at the same level it was in 2013.
 
Meanwhile, a quarter of those surveyed increased their workforce in 2014, with 4% hiring employees for the first time. The research suggests that around 180,000 people started running their own business last year.
 
However, the findings also revealed that 15% had no contingency plan in case they were ever unable to trade.

Expert Opinion

This research highlights how last year was a positive one for a huge number of small businesses, with many enjoying successes which mean they are in a strong position to push on across the coming 12 months. <br/> <br/>"Regardless of their plans for 2015, it is vital that small businesses ensure they have carefully considered all aspects and have access to key advice from experts. Legal advice should be in this mix, particular as lawyers can provide support on a range of issues from recruitment to regulatory matters. <br/> <br/>"Moving a business to the next level can be a difficult and daunting task, so it is vital that SMEs do not try to go it alone." Fergal Dowling - Partner