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A new report by international insurer Hiscox has revealed that while many SMEs worldwide have experienced a third year of growth, they feel it is despite Government intervention rather than because of it.

The Determination of the Entrepreneur

The Hiscox 8th annual DNA of an Entrepreneur Study is based on responses from 4,000 owners and senior executives in businesses with fewer than 50 employees across France, Germany, The Netherlands, Spain, the United Kingdom and the USA.

In his introduction, Bronek Masojada, Chief Executive Officer at Hiscox noted the “bullish tone” of the report and the encouraging signs of small business growth.

“For the first time in many years, the majority of small businesses in all six countries are advancing in lock-step, with rising revenues, growth in new customers and improving order books. Investment has beaten expectations, particularly in continental Europe. While new job creation has lagged the upturn in the past year, one-in-five firms says it intends to hire in the year ahead.”

 

Major Themes for Small Businesses

Mr Masojada also summarised the key themes that emerged in the report.

 

The report also revealed that:

 

Portrait of Small Business in the UK

The report from Hiscox also showed that nearly two thirds of British businesses have achieved higher revenue and higher profits in the last year, with 60% of UK respondents optimistic about the prospects for their business over the next year. However, it’s worth noting that the survey on which the report is based took place before the EU referendum.

About The Author

Karl Bilby

We work very closely with our expert accountants to bring you the latest factually correct tax and accounting news. We also enjoy writing about small business news that we hope you find useful!

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