New report suggests two-thirds of SMEs ‘preparing growth plans’

24 Sep 2018

A new report published by Hitachi Capital has revealed that 67% of small and medium-sized enterprises (SMEs) are looking to prepare ‘growth plans’ in the coming three months. 

According to the report, 50% of businesses require ‘extra manpower’, with IT and legal services firms being the keenest to recruit.

Meanwhile, a further 36% of SMEs are looking to ‘invest in new equipment’, with farming and agricultural firms reportedly the ‘most likely’ to purchase new tools. An additional 36% of businesses are seeking to expand into international markets, Hitachi Capital found.

However, with Brexit on the horizon, many small businesses are looking to ensure their finances are in good shape. 37% of business owners are considering cutting costs, and 20% are seeking to improve cashflow, the report suggested.

Commenting on the findings, Gavin Wraith-Carter, Managing Director at Hitachi Capital Business Finance, said: ‘What is so encouraging from our new study is that the small business community is not sitting back and waiting for a Brexit outcome to be known. They have told us they have concerns, but they are acting on them.

‘The businesses that predict the most significant growth are those that are investing in their businesses – bringing people in, looking at new markets and looking at the equipment they need to power growth.’