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UK SMEs are optimistic about their growth expectations for the year ahead, with more than 95% citing growth as their number one goal. This is according to new research commissioned by business management software company SAP. The Thinking Bigger Report found that, despite the negative economic outlook and ongoing disruption throughout the eurozone, half of (48%) SMEs are expecting to not only survive but also prosper, anticipating 10% year-on-year growth. In addition to positive sentiments towards growth, the report found that SMEs fall into distinct camps when it comes to their approach to achieving this goal: accelerators who are more bullish, aiming to grow their business ahead of industry norms, and stabilisers who are relatively less ambitious and seek to grow in line with competitors. Encouragingly, 96% of SMEs are looking to grow their businesses, and 81% are confident that they will achieve their planned growth objectives. The report also revealed that 30% of SMEs are seeking to grow at a faster rate than their competitors, while two thirds (66%) are expecting to grow in line with the competition. John Antunes, director of SME and channels at SAP UKI, said: “Maintaining a positive outlook is key for SMEs to ensure they continue on their growth course despite a volatile economy, which has now become the new norm.” In stark contrast to the ambitions for growth amongst UK SMEs, just 4% claimed to not be looking to grow their business. John added: “In recessionary times, some observers would assume that UK SMEs are happy to batten down the hatches or consolidate their current market position. This report shows the contrary. There is actually significant appetite among the UK’s small businesses to be ambitious and grow, whether this is at a conservative rate as indicated by the stabilisers, or more aggressively as shown by the accelerators.” To download the full report, visit: www.thinkbiggrowfast.net/report Other Business Money News
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