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A new survey conducted by Experian in October 2011, has revealed a new optimism among Small and Medium Enterprise, as growth in 2012 is expected by three quarters of the respondents. The credit reporting company questioned 133 UK SMEs, with 70 percent responding with expectations of growth in 2012.
The survey also revealed that the businesses expect to increase sales mainly in the UK domestic market, with just under 20 percent planning to take on new staff next year. More than two thirds of the businesses expecting growth in 2012 believe it will be due to higher sales levels to UK customers. Although businesses expect sales volumes to increase, no predictions were made of the monetary value of the increase. Overseas sales are expected to be the driver for growth in 12 percent of businesses, while 26 percent are considering expansion or moving into a new niche in 2012.
Almost 20 percent of businesses have money which is kept for emergencies. Additional funding could be accessed by three quarters of SMEs questioned, to be used in their business. Cash reserves are kept by 45 percent, who would use this money to achieve growth. Fresh credit will be an option for almost a quarter of respondents, while 33 percent remain cautious about taking on new finance.
Experian’s managing director for business information services; Max Firth says that although the survey only covers a tiny proportion of the SME market, the results are suggestive of optimism for the New Year.

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Gary Fields

Content Writer working alongside our expert accountants to bring you the latest Tax and Accounting news.

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