The UK’s small and medium-sized businesses are, generally speaking, confident that 2020 is going to be a successful year.
According to a new report from BT polling 1,000 UK SMEs the vast majority (57 per cent) are confident in the economic outlook for the year. The report adds that almost a third (30 per cent) are more confident in their growth prospects this year compared with 2019.
The report also notes that businesses looking to spend more this year are also those anticipating growth in both revenue and profit.
However, not all SMEs share this positive outlook, as some are sceptical about the year to come. Almost a third (30 per cent) expect their revenue and profit to drop, and more than half (58 per cent) worry about operational efficiency and costs.
For half of those surveyed, staying ahead of the curve and laying the foundations for innovation are among the biggest challenges.
“There is a clear indication that SMEs that are able to harness the potential of technology feel a greater sense of business confidence,” said Chris Sims, Managing Director - Commercial & Marketing at BT.
“But whilst a large proportion of business operators recognise the importance of connectivity and the need to digitise, they are being held back by a lack of awareness around the benefits of this new tech, which is costing the UK an estimated £63 billion a year. It’s clear that SMEs need more support to help them embrace the new wave of digital transformation which will be ushered in by 5G and a more mobile-centric approach to running businesses.”