UK businesses remain under pressure, but opportunities are cause for optimism
Apparently the UK economy is growing at its fastest rate since 2007, but it certainly doesn’t feel that way for UK businesses.
Despite growth of 1.9% in 2013, sectors such as construction and North Sea oil and gas have had a particularly tough time, failing to achieve even a percentage growth.
When we speak to SMEs a picture emerges of business owners who are concerned about the uncertainty of economic recovery, and day-to-day face the ongoing pressure of managing cash flow and securing finance. And of course there is the ‘cost of living’ crisis where their workforce, and often the owners themselves, have been experiencing the unrelenting pressure of static take-home pay and dividends.
On the plus side, we see continued opportunities in the energy markets both locally in Somerset and overseas, offering the prospect of long-term, sustainable revenue and returns. What of the challenges of capturing these new markets? Yes, they are numerous. However none of the SME business owners we speak to are worried about a little hard work.
Let us know what challenges your business is facing, and whether you’d like to explore opportunities locally or overseas.