Tuesday, 30 September 2014

New figures suggesting that the recovery is not benefitting small businesses could be vital to ensuring SME growth, in Axis for Business’ opinion.

Axis for Business, Bringing you the Latest Small Business News, Studies and Data

When you come to Axis for Business for your energy and telecom needs, you’ll find a provider who is dedicated to saving SME’s money wherever they can. One way we strive to do so on the Axis for Business blog, is to let you know the latest small business news, studies and data.

After all knowledge is power; power to lift your bottom line, and keep your SME in the red. That is why we believe that a new study by Virgin Media Business suggesting small business owners believe that the economic recovery has not benefitted them is one you need to know about.

One if Four Small Businesses See No Growth for Next Six Months

According to smallbusiness.co.uk, the study involved more than 1,000 UK SME’s and showed that one in four small business owners are predicting zero growth figures for their company for the next six months.

Meanwhile, the survey also revealed that almost a quarter (24%) of small companies believe that the current state of the economy is the biggest block in their path to facilitating business growth. Furthermore, over half (53%) believe receiving effective business advice is one of the greatest challenges to setting up a new company, yet only 8% turn to the government when confronted with problems.

SME’s Need to Invest in Digital Training

Technology was also cited as a major reason for lack of growth, with only 20% of those businesses surveyed suggesting that they are focusing on investing in digital training in the next five years.

Virgin Media Business’ Mike Smith commented on this finding, suggesting that “small and medium-sized firms should be the fuel of our economy powered by simple, flexible technology, but we feel that industry and the government need to look at ways it can provide more support and direct assistance to this group which is UK plc’s driving force.”

Mike Smith, Virgin Media

Invest in Digital Training to Remain Competitive in the Market Place

At Axis for Business, we wholeheartedly agree with Smith. The fact that so many SME’s feel the economic growth is not benefitting them is telling and the fact that so few are investing in digital training is as well.

That is why the government – which many don’t feel confident turning to as it is- needs to focus on promoting digital training to small business – and why you need to invest in digital training to make your SME more competitive in the market place.