55% of SMEs have had to turn away growth opportunities because of a bad financial situation, according to new research released today by Nucleus Commercial Finance. With the data also showing that 29% of UK SMEs currently want to grow, but aren’t able to, a clear picture is emerging of businesses being held back.
Chirag Shah, CEO of Nucleus Commercial Finance comments, “No business should have to turn away from being able to maximise on the growth opportunities available to them. Supporting UK SMEs in delivering growth and achieving their ambitions is essential to driving our economy forward and providing job opportunities.”
When it comes to having a strong financial position to drive business growth, almost six in 10 (59%) of the SME decision makers polled are confident in their financial position to deliver growth, with only 9% stating that they are not.
Chirag continues, “From working with businesses every day we know that the challenges they face when aiming to deliver growth are varied, but we believe that they should not be restrained by a lack of finance. It is vital that businesses are supported with the right expertise and financial solutions, when they need them. Many businesses are turned away by their high street bank, but this is not their only option. We are a true bank alternative, without the typical bank ‘tick box’ mentality. We don’t categorise businesses, but instead work with them individually, finding the finance that fits and supporting them to deliver future growth.”
When looking ahead and keeping an eye on growth, UK SMEs are aiming to achieve the following in 2019:
Delivering greater profit (27%)
Increasing staff (18%)
Putting a renewed focus on their brand/marketing/online presence (16%)
Launching a new product (14%)
Expanding into new international markets (10%)
The research also revealed that the negative impact of financial pressures within a business has an impact on personal lives too, with three quarters (75%) of SME managers having experienced personal stress and anxiety due to a bad financial situation within their business.