According to government research, small businesses have great ambition for growth, with more small and medium-sized employers planning to grow their sales.
The Department for Business, Energy and Industrial Strategy carried out a survey and found that 71% of SME employers had plans to increase their sales over the coming three years.
This is positive news and shows an upward trend from last year when 62% of SMEs were planning to grow.
The main companies driving change were found in the micro-business sector – those employing between one and nine people – up from 59% last year to 69%.
Workforce skills proved to be the most popular area for planned growth, with 61% of respondents stating they planned to focus on this.
This was followed by recruiting new staff (53%), introducing new working practices (42%) and increasing the leadership capabilities of managers (37%).
The survey also looked at the things SMEs see as barriers to growth, the main issue being competition in the market (46%).
Other common obstacles were: regulations and red tape (43%), taxation (40%), staff recruitment and skills (33%), late payment (33%) and Brexit (29%).
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