Small businesses and SMEs innovating for success

Many small businesses and SMEs can benefit from invoice finance facilities to free up their cashflow

Small business owners are looking to innovate and diversify their business to ensure they make the most out of a summer of events in the UK, according to new research from Aviva.

More than a quarter of business owners surveyed indicated they’d diversified their product / service range this summer, compared to 17% doing so in winter last year.

A quarter of SMEs were also expecting to see a boost to their business from seasonal events, with businesses across the Midlands, Yorkshire and North East as confident as firms in London that they’ll see a boom over the summer months.

Even some manufacturers (20%) were expecting increased output levels, although there was some concern that the boost to trading might be short lived. A fifth of small business owners were concerned they might see a dip in Q3/4 revenues.

27% of SMEs had reported a rise in revenues due to the Diamond Jubilee earlier in the year.