18/07/2011
Many small and medium-sized enterprises (SMEs) across the East of England have plans to expand by mid-2012.
According to a recent survey from governmental body Business Link, some 84 per cent of SMEs in the area expect to grow their enterprise over the next 12 months.
Over half of these SMEs also said they'd "benefit" from seeking professional advice on the best way to encourage growth. This may mean factoring companies could receive an influx of queries from SME owners looking to free up some funds to re-invest in their development.
A spokesperson for Business Link, Malcolm Williamson (head of information and intelligence), spoke to the Watford Observer about the findings.
He said: "These results clearly show that local businesses are determined in their pursuit of growth and are poised to make the most of the professional advice available to them locally."
Williamson also added that the advice most businesses seek regarding growth covers a wide range of topics; from guidance on how to free up cash and maximise profits to learning how to improve sales. This is because "growing a business means different things to different people."
The survey's findings were positive overall, as the SME owners wouldn't be contemplating growth if their business wasn't going well. This was confirmed by Cambridge Network, which revealed that 22.9 per cent of respondents said they were "confident" about the future of their enterprise.
Deborah Bates