Despite the continued tough economic climate SME decision-makers are optimistic in their outlook, YouGov’s new B2B Omnibus can reveal
SME (Small and Medium Enterprise) decisions-makers were asked whether they expected their business’ annual turnover to increase or decrease for the financial year April 2013 to March 2014 compared to the previous year. Almost a third (31%) of British SME decision-makers surveyed believe they will see an increase in profit, while just over two-fifths (41%) think their turnover will remain about the same. This optimism comes at a time when the Organisation for Economic Co-operation and Development (OECD) have recently cut the UK’s growth forecast.
In particular, decision-makers from medium-sized companies (50 to 249 employees) are most optimistic for the year ahead, with nearly half (47%) expecting an increase in turnover, while 35% think it will remain about the same. This is compared to 28% from small-sized companies (fewer than 50 employees) who are confident that their business will see an increase in revenue this financial year, whilst 42% who think profits will remain about the same.
Similarly, SME decision-makers from companies with more than £1 million annual turnover are more confident that they will see an increase in profit from the previous financial year. Three in five (60%) from companies which make over £10 million annual turnover expect an increase, as well as 44% from companies with a £1 million to £9.9 million annual turnover. In contrast, less than a quarter (23%) of those whose businesses profit up to £999,999 annually think their business’ annual turnover will increase while a slightly higher number (26%) think they will decrease; nearly half (46%) believe revenue will remain about the same.
In terms of confidence in different industry sectors, SME decision-makers from the financial/accountancy sector are most likely to expect an increase in their business’ annual turnover, with 44% stating this. At the other end of the spectrum, decision-makers from the construction trade are least optimistic, with just short of a third (31%) who believe their business’ annual turnover will decrease. This is compared to just 12% of decision-makers from the financial and consulting sector.