A fifth of UK firms lacking competitive advantage
22% of small and medium sized business owners in the UK feel they lack a winning edge over their competitors, according to a recently published survey.
Of that number, 40% believe a shortage of funding for growth is preventing them from competing for more business.
The figures come from the latest Close Brothers Business Barometer, a quarterly poll that canvasses the opinions of UK SME owners and business managers on a range of topical issues.
CEO of Close Brothers Invoice Finance, David Thomson said: “Our research suggests that many small business owners in the UK are concerned about their ability to compete in the wider marketplace. A lack of funding for growth is a real concern, because without an adequate supply of working capital, it will be difficult for SMEs to thrive.
A further fifth of the 22% of bosses that say that they lack a competitive advantage, believe it can be attributed to the fact that their product or service is too expensive.
David added: “Interestingly, the Business Barometer shows that a quarter of firms that are confident they have an edge over their rivals say the key to success is their ability to offer value for money.
“In today’s competitive business landscape, companies need to be able to react quickly to changes in the market, which may mean re-evaluating pricing structures or reconsidering their financial plans.”
The survey further revealed that only a third of UK businesses polled expect their business to expand within the next 12 months, while over half expect trading figures to stay the same.
“In order to gain a competitive advantage in the wider market place, firms must be able to access capital to allow them to seize opportunities as they arise. To do this, they need to be aware of the full range of funding methods available to them.
“We harbour some truly brilliant and innovative companies here in the UK and we need to ensure they are in a position to compete on a global scale in today’s global marketplace.”
