SMEs feel optimistic about opportunities in 2012

30th December 2011

With 2011 drawing to an end and the UK economy still in a state of flux, Employment Law and Health & Safety compliance experts Citation plc undertook a survey to find out what SMEs really felt going into 2012.

Over 79% of SMEs who responded felt the coalition government could do more to support them during challenging times.

It was positive to see that over 80% of SME businesses were optimistic about opportunities for 2012.

Lindsay Hill, Chief Executive of Citation plc highlights the challenges faced by SMEs going into 2012:

“SMEs are faced with an uncertain UK economy and the situation with the Eurozone only continues to prolong the anguish for many business owners.”

“The banks have a huge impact on the SME market and our survey showed that SMEs felt there was more banks could do to support them. The overall feeling was that banks should be more willing to lend to SMEs and extend payback periods and overdraft facilities. The banks quite simply need to understand SME businesses better and employ advisors who can adopt a common sense approach to lending, rather than a one size fits all following a set of rules.”

“The Olympics will undoubtedly create a number of opportunities for businesses. However at a localised level there is likely to be a negative impact on many businesses. Business owners need to have a contingency plan in place to deal with additional congestion and manage logistics to ensure they deliver their service to clients.”

“That said, it is not all doom and gloom going into 2012 and it was encouraging to see 80% of those surveyed feeling optimistic about opportunities in 2012. Government funding initiatives for SMEs are due to come in during the year which should help SMEs grow their businesses. Moreover, those SME businesses who have adjusted through tough times and survived with leaner budgets will only be stronger going into 2012.”