UK200Group comments on news that a third of UK SMEs have grown over the past two years
A member of the UK200Group has commented on news that according to a study by Citrix, a third of UK SMEs have grown over the past two years. This equates to 1.675 million businesses, while approximately 426,000 businesses (8%) have grown by 50% or more over the period. Those SMEs that grew by 50% or more over the last two years are apparently four times more likely to have spent ‘much more’ on technology in 2014 than they did in 2013 (27%). The study also highlights how technology is helping British SMEs to overcome potential barriers to scaling up a business. These barriers include finding the right talent, sourcing suitable business locations and expanding into new markets.
Jonathan Russell, partner at UK200Group member firm ReesRussell: “The study by Citrix that one third of SME businesses are considered growth businesses should be no great surprise and that many of these are using technology to aid their growth is equally unsurprising, especially as the study is prepared for a technology company. It should not be presumed though, although it might be correct in many cases, that growth is because of the use of technology. Technology is a tool many use to do a job but often there seems to be a presumption that because technology can do something, not only should it be done using technology but also that that is the best way of doing the job. Businesses succeed because they deliver a product or service to a consumer in a manner and at a price which is agreeable to them and the supplier ensures that the customer knows they are able to deliver that product or service. Technology can help both in the delivery and in the communication, but first the business needs a core service or product.”
