According to a new survey, 52% of British SMEs are unable to finance their business plan. Read more about why here. A recent research from Nucleus Commercial Finance discovered that although SME owners saw their revenue and profit increase by 10% and 8% over the previous year respectively, the majority were still unable to achieve their business goals due to lack of funds, writes Kathryn Gaw in Peer2Peer Finance News.
“Although it’s great to see an increase in both profit and revenue for small businesses, it’s clear that funding challenges still remain,” said Chirag Shah, chief executive of Nucleus Commercial Finance.
In terms of business goals; 19% of surveyed said that they wished that they could increase their brand presence, while another 17% said that they wanted to expand their market. 14% said that they needed extra funding to recruit key positions, while 13% wanted to launch new products. Other popular business goals included moving into larger premises (12%) and expanding into new international markets (9%).
At Maiyak we intend to follow up on this topic with a local survey in Sweden/the Nordics.
Photo with courtesy of pxhere.