Small and medium-sized enterprises (SMEs) plan to invest significant amounts of money in growing their businesses over the coming year, according to the latest research.

This survey was conducted by Aldermore bank, and it offers encouraging news as the country starts to move out of lockdown. The results show plans for an average spend of £97,000 among the firms that took part, with this investment set to be used by the vast majority for expanding their businesses.

One out of every four of the SMEs participating in the survey – amounting to 25% – said that carving out a more visible presence in the virtual space was what they would be focusing investment on. This is understandable in the wake of the pandemic, where smaller firms with strong online presences have coped best.

Further evidence that SMEs have learnt the lessons from Covid-19 comes with the finding that one out of every five – or 21% – is planning to invest in improving digital marketing efforts.

Other major ways that SMEs are looking to invest in growing their businesses include staff training (20%), upgraded equipment (21%), diversification into new services or products (18%) and improving the environmental friendliness of their business operations (10%).

Speaking to Business Leader, Tim Boag from Aldermore said:

“Confidence from SMEs is growing, and this is reflected in plans to invest in the growth of their businesses in order to recover effectively from the pandemic.”

A business accountant in Goole or another region can help firms find fresh investment.