Opportunities and Challenges for UK Small Businesses

The challenges and prospects for UK SMEs

Small to medium enterprises (SMEs) are the lifeblood of the British economy.

In 2016, 99.3% of all private firms in this country were SMEs, according to the Federation of Small Businesses. And they earned more than £1.8 trillion in revenue, accounting for 47% of private sector turnover in the UK.

With an unprecedented number of new businesses being registered, we joined forces with the Small Business Research Centre and surveyed 500 small business owners to find out more about the key challenges and opportunities they are facing.

The results reassured us about the resilience of UK small and medium businesses. The business owners we’ve spoken to tell us they’re confident about what’s ahead but recognise there are also challenges to overcome.

These challenges include the uncertainty caused by the political and socioeconomic changes sweeping the country, the new General Data Protection Regulation (GDPR), and the impact of late payments.

The majority of respondents still think Britain is a great place to start a small business, and most believe they’ll enjoy success in the coming years. This is positive news for them, and for the overall health of the UK business environment.

We hope you find the research an interesting read.

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