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UK SMBs want to bounce back strongly this year

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(Image credit: Image Credit: WNDJ / Pixabay)

Small and medium-sized businesses across the UK and Europe are growing more confident about the short-term future, according to a new report from Sage.

The cloud business management solutions provider says most SMEs expect to bounce back strongly this year, mostly as the majority don’t expect new lockdowns any time soon.

The vaccine rollout, which has both allowed them to see their customers in person again and enabled customers to spend more, makes UK SMEs confident about the future of their business and growth trajectories for the year.

More than four out of five don’t expect new lockdowns, and instead believe their business will return to pre-pandemic levels this summer, both in terms of profitability and staff. 

Speaking of staff, a third of SMEs expect to hire new workers this year, prompting Sage to claim that “millions of new jobs” could be created this year. 1.2 million in the UK alone, it says. But it’s not just about creating jobs, it’s also about creating a solid environment for the workers. Physical wellness will be in focus for many UK SMEs, Sage concluded.

“We must make sure this swell of optimism is given the opportunity to become a tidal wave of growth,” said Steve Hare, CEO of Sage Group. 

“At Sage, we have called on governments for support and investment to accelerate the recovery of SMEs during these difficult times and made our own investments in supporting an SME led recovery.”