Five measures to drive SME growth in 2017
In line with this finding, RSA has suggested five measures for Government and industry working in partnership that would help to better facilitate business growth:
Provide more information/data on markets and consumer behaviour that SMEs could incorporate into their business strategy.
Provide advice on what SMEs can do to protect their business from the potential effects of economic uncertainty.
Invest more in developing infrastructure, such as broadband and public transport, to help SMEs operate more efficiently and reach more consumers.
Provide companies with better access to finance so they can obtain the funding they need to expand.
Provide more information/data on failed businesses and what led to their bankruptcy so that SMEs can better manage their risks.
Russell White, Schemes and Deals Director, Regions and SME, Commercial Risk Solutions at RSA, said: “SMEs are significant drivers of UK economic growth, with combined revenues of around £1.8 trillion. It is crucial that they are given as much support as possible in order to help them thrive. However, our research suggests that SMEs don’t feel they are adequately supported at the highest level in what is a tough economic environment, despite the benefits improving SME growth could bring, in terms of lower unemployment, higher wages and increased gross domestic product.
“It is paramount that the government heeds SMEs’ calls for increased support, particularly given the economic uncertainty the UK is predicted to experience as a results of events such as Brexit.”