SMEs account for more than 99% of private sector businesses in the United Kingdom and provide employment for 16.8 million people. Their economic contribution should not be underestimated. However, British businesses are feeling the pinch with nearly a fifth (17%) missing payday in order to survive.
Despite being responsible for nearly half of Britain’s economic activity, research commissioned by npower Business* (see the infographic) has shown the shocking extent to which SMEs are struggling to keep their heads above water.
In an increasingly competitive and complex economic landscape, SMEs businesses were found to be predominately self-financing with over half (57%) of businesses claiming they don’t rely on anyone or anything for financial support these days. Around one in five (19%) also rely heavily on personal savings.
Business are also split in their confidence for growth over the coming year. Over a third (36%) of SMEs are more confident about their business growth prospects for 2017, compared with last year, mainly due to the economic outlook for Britain and the decision to leave the EU. However, a quarter (25%) of the respondents are less confident about their business growth prospects for 2017, with 67% of these attributing this to Brexit.
It can seem like running a small business requires tireless effort and endless financial reserves. Besides dealing with necessary tasks to run your business, owners of SMEs are besieged on all sides by risks.
The only sure-fire thing you can count on is the protection offered by commercial insurance. Avoid losing everything to a disaster that you could have easily insured—purchase robust and comprehensive commercial insurance to keep your small business protected on all sides. Whatever its size, we can help your business protect against such risk with a wide range of commercial insurance policies.
Please get in touch today with one of our commercial insurance team for more information.
This blog was reproduced with kind permission from nPower Business
*About the research
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1088 SME Senior Decision Makers. Fieldwork was undertaken between 13th– 21st February 2017. The survey was carried out online. The figures have been weighted and are representative of SME business sizes.