Small businesses and SMEs innovating for success

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.