The latest SME Barometer from Barclaycard shows that confidence levels for 2021 among small and medium sized enterprises (SMEs) are high, with growth of more than 8% expected for the year.
This report shows that SMEs in the UK are already planning for the year, as 39% – which adds up to four out of every 10 – told Barclaycard that they feel positive about the future for their businesses. Furthermore, 32% – close to one third – have started getting ready for when the national lockdown ends. A total of 42% of those who own SMEs told Barclaycard that they do not anticipate a further heavy lockdown with the vaccines being rolled out.
When it comes to how they plan to grow their companies this year, the SME Barometer revealed a number of strategies, including a rise in the money spent on marketing, which was cited by 62%, adapting their product or service to the changes created by the virus (42%) and reducing overheads (42%). An accountant for small business in Goole or wherever they are located can help SMEs find ways of saving money.
Speaking to Small Business, the independent business expert Kate Hardcastle MBE said:
“Finding new ways to work, and maximising the opportunity with new technology, has enabled some businesses to build greater engagement with customers.”
Technology was also central to the plans for 2021 cited by SMEs in the Barclaycard report, with three out of every 10 more open to employees working away from their premises, while 41% indicated that remote working would continue.