Businesses are in for a tough year; inflation is at eye-wateringly high levels and both business and households are struggling to get by day-to-day. For SMEs in particular, these external pressures are just another in a long line of setbacks they have faced over the past few years, such as managing supply chain delays and skilled labour shortages.
But despite these factors, many UK SMEs are looking to the future by planning to spend an average of £111,175 each on growth strategies for their business in the next year, equating to a £633m total spend for all UK SME businesses, argues new research from Aldermore.
Road to recovery
The banking and savings account company spoke to almost 1,000 senior decision makers and found that SME leaders are planning to invest in new equipment (35%), an improved online presence (35%) and digital marketing (29%).