Mid-sized businesses in Europe could grow faster, if it weren't for obstacles that hinder growth. In other news, grass is green. But what's really interesting about Ricoh's new research into business growth in Europe is how much these businesses are really losing, and what these big obstacles truly are. According to the report, these organisations are missing out on up to £4.8 million in annual revenue, with 16% of mid-sized business in the UK and Ireland thinking they could boost their revenue by up to 20 per cent.
Now, knowing there are some 75,000 mid-sized businesses on the continent, that amounts up to £364 billion. Complying with complex and costly regulations, lack of quality workforce and acquiring the right technology have all been identified as key obstacles to growth. The majority of businesses (51 per cent) plan to offer shares, while 17 per cent want to either merge or acquire in order to fuel growth.
“Mid-sized businesses in Europe face very similar challenges, regardless of their country and sectors. This includes major structural and behavioural challenges that must be addressed at the level of the individual business, as well as in terms of national business policies,” commented Jyoti Banerjee, co-founder, M-Institute – the think-tank representing medium-sized businesses.
“We should be celebrating the accomplishments of mid-sized businesses all over Europe. They are growing and creating jobs. But we must also recognise that more support from government and industry would make a huge difference to how this amazing, but often overlooked, group of companies perform.”
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