Optimism among small and medium-sized enterprises (SMEs) owners has hit a low point, as tough trading conditions have taken their toll on outlook, according to an international study by insurer Hiscox.
This news really is a shame, as having a thick skin and being positive are essential attributes for any firm wishing to weather the storm.
However, it really is no wonder entrepreneurs are feeling the strain, especially as few have the money to spend on increasing staff numbers or investing in innovation. Having said that, the study has managed to find a bit of good news for some – 37 per cent of SMEs say they have enjoyed increased revenue over the past year.
The research also found that nearly 29 per cent of SMEs in the UK have developed a new product or service over the past 12 months – despite being short on finances.
Hiscox CEO Bronek Masojada says that the findings support the idea that small businesses are adapting to a “new normal” – anticipating to tough trading conditions instead of expecting a boom in trading any time soon.
Posted by the Secret Businessman