Medium-sized businesses in Europe are asking the government for more support, saying they suffer from the ‘middle child syndrome’, Ricoh says in its new report. They are too big to take advantage of provisions built for start-ups and small businesses, while at the same time they’re lacking the capabilities large enterprise have to tackle regulations, which can often be costly and complex. More than three quarters (76 per cent) want an environment supporting their growth.
More than two thirds (67 per cent) find it hard to compete with new entrants to the market, and 71 per cent say having a hard time accessing finance means they risk failure.
“With 75 per cent of businesses surveyed in the UK and Ireland specifically, looking to expand into other sectors in the next two years, it becomes clear that the MSBs in these regions are full of energy, both in terms of growth and ambition,” said Phil Keoghan, CEO Ricoh UK & Ireland.
“In order to achieve their full potential a robust investment in new technology will be required. We need to power mid-size businesses into the digital economy so that they are able to lead the way and expand.”
Keoghan added that the government needs to provide continuing support to these businesses if they want to remain competitive and become a global leader.
“The chancellor of the exchequer’s recent announcement on a support package for businesses which includes £220m to help boost the UK’s technology sector, shows that the need to promote growth and innovation across the UK has not gone unnoticed.”