Double digit growth planned by SMEs

Despite continuing economic gloom, many SMEs and small businesses are planning to create jobs, invest in research and development and expand in 2013, a new survey has revealed. 61% of respondents to the survey by equity firm ECI predicted double digit growth for the next year, even though many were disenchanted with the government’s handling of the double dip recession. Almost half a million UK jobs were created by SMEs in 2011, and the survey suggested SMEs will continue to provide vast numbers of jobs, with 78% preparing to take on more staff over the next 12 months. More than half of the CEOs surveyed indicated they were considering investing in improving international business capabilities to support growth. A further 48% suggested that they were to explore new product development and routes to market to help drive growth. Steve Tudge, Managing Director at ECI, said of the results: “High growth companies continue to try and buck the national economic trend through innovation, hard work and investment.” “But it is imperative to create the right environment for these SMEs, as they tend to invest more and grow employment more than other sized businesses”, he concluded.