Small and medium sized businesses are anticipating growth during the year ahead, as a result of more intensive sales and marketing activities, despite the current domestic economic turmoil.
Research, which was conducted in July this year amongst 300 SME firms throughout the country for Aldermore, reveals that 86% of business owners say the economy is either worse than or unchanged from 2011, with just 14% seeing any sign of improvement.
However, despite this bleak prognosis 55% are expecting either a modest or significant upturn in turnover during the year ahead, driven by greater sales and marketing activity. 38% say they expect business levels to stay the same.
Only 7% anticipate a downturn in fortunes next year.
“This research shows that despite the economy continuing to languish in the doldrums, owners of small and medium sized businesses remain optimistic about their future prospects,” said Ian Wilkins, group managing director of commercial finance at Aldermore.
“They are committing greater resources to sales and marketing activities in order to drum-up new business, with firms confirming they are recruiting specialist staff, investing in new marketing campaigns and exploring new market opportunities both in the UK and overseas.
“Our experience at Aldermore is that business owners are battling on, but need the support of banks to help fund their future growth ambitions. Sadly, too many companies have found that the big banks are either unwilling to renew credit lines, or will only do so on more onerous terms.
“Aldermore is committed to helping small and medium sized businesses realise their growth ambitions, by providing a range of specialist financial products to help improve cashflow, with the purchase of essential equipment and with the acquisition of property.”