Today’s SMEs operating in a ‘dynamic and exciting business environment’

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Today’s SMEs operating in a ‘dynamic and exciting business environment’

Go forth and conquer! That’s the eventual advice of this recent piece over in Real Business.

There are challenges today, of course, for small businesses like yours. But there are also real reasons for – and signs of – confidence.

‘Despite the ongoing uncertainty around Brexit,’ reads the strapline, ‘and the value of sterling, UK SMEs are operating in a dynamic and exciting business environment where expansion is a viable option.’

Adaptability, innovation, strong relationships

It’s a time, it would seem, for trusting in your own resources, and those of your immediate circle.

‘According to American Express,’ says Real Business, ‘41 per cent of SME bosses cite their leveraging of the particular advantages they enjoy working with SMEs – such as adaptability, innovation and strong customer relationships – as their top strategies for fuelling revenue growth in 2018.’

In other words, the unique strengths of small businesses are the best attributes for growth today.

Is this how you feel?

The piece also reflects a similar confidence among American counterparts – ‘with the US National Federation of Independent Business reporting one in five SMEs are placing emphasis on hiring and expansion.’

Despite ‘economic uncertainty’

There is concern, according to the American Express survey, around ‘economic uncertainty’ – cited by most UK respondents ‘as the most significant threat – which has switched from political uncertainty within the same poll just a year earlier’.

But there’s also ‘increased optimism about the opportunities that are out there to trade and form strategic alliances’.

It’s a time of opportunity, as well as uncertainty. Seems to be the perception of many – most – small business owners.

Overseas strategy

The Real Business piece goes on to advocate ‘developing a specific overseas strategy’ – not least, it says, for its providing you with a potential ‘safety net/ pool of new customers and suppliers to fall back upon’.

It also argues ‘global expansion’ plays to some small-business strengths: just consider, it suggests, ‘the typical make up of a successful small business – which incorporates focus, strong working/ customer relationships and consistency’: ie a really good mix of transferable, saleable attributes.

Access to finance

‘Financing is of course, an ever-present issue – and barrier – for some, but again, by utilising the agility and innovative nature of an offering and in-house team, investment can become easier to source’, according to Real Business.

The piece goes on to offer advice on how small businesses not yet quite ready might spend the next year or 18 months consolidating and getting themselves ‘overseas expansion ready’ for, perhaps, 2019 or 2020.

‘While nothing in life that is worth getting comes easily,’ it concludes, ‘it seems like the current business landscape is ready for expansion, at least for SMEs…’ Does this concur with your impression?

There’s more in the piece. See it in full over on Real Business.

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