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UK SMBs plan tech spending spree after Brexit

(Image credit: Image Credit: KurKestutis / Shutterstock)

A significant portion of businesses in the UK are positive about their prospects following the UK’s departure from the EU on January 31.

According to a new report from private equity firm Leonne International, a third (32 per cent) of small and medium-sized businesses in the UK will increase their technology spend by 10 per cent in the months after Brexit .

The report was based on a poll of 200 senior business decision-makers at UK SMEs. More than a quarter (28 per cent) expect their organisations’ revenue to bounce in the first few months after Brexit, while almost four in ten (37 per cent) expect the UK economy to “substantially” grow in the same period.

The greatest confidence is seen amongst businesses from the UK's West Midlands, North West and the North East.

Investing in new tech in itself, however, does not guarantee success. Sridhar Iyengar, MD of Zoho Europe, believes businesses need to “recognise the benefits of SaaS solutions, to cater for everything from finance, to CRM, to analytics.”

“They should also understand the true power of these solutions can only be unleashed if they work together seamlessly. By harnessing a flexible approach to IT, UK SMEs can spend less time on back office admin and more time increasing market share.”