Small business ambition is on the rise, according to Government research, with more small and medium-sized employers planning to grow their sales in the future.

In a survey by the Department for Business, Energy and Industrial Strategy, 71% of SME employers said they aimed to grow their sales over the next three years.

This was a significant increase on the previous year, when 62% of SMEs said they planned to grow.

Micro-businesses - those employing between one and nine people - were the main drivers of this change with 69% aiming to grow, up from 59%.

The most popular growth-related activity was increasing workforce skills, as 61% of SME employers said they would do this in the next three years.

This was followed by recruiting new staff (53%), introducing new working practices (42%), and planning to increase managers' leadership capability (37%).

However, businesses also faced certain obstacles to their success, with 46% citing competition in the market as their main problem.

Regulations and red tape were also a common issue (43%), followed by taxation (40%), staff recruitment and skills (33%), late payment (33%), and Brexit (29%).

Contact us to discuss your business plans.

Plus Accounting light logo

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from our team.

By submitting your details you agree to receive email marketing from Plus Accounting and have read and understood our Privacy Statement & our Terms & Conditions. You can withdraw your consent or change your preferences at any time by emailing us or by clicking the link at the bottom of every email we send you.

You have Successfully Subscribed!