The state of SMEs
- British SMEs had a strong 2014 with 75% improving or maintaining their turnover compared to 2013;
- 180,000 people started running their own business in 2014;
- 21% of SMEs took on more staff in the past year and 4% employed people for the first time;
- 4% have no insurance cover in place, equivalent to over 200,000 companies across the UK.
PROFITS are up and UK SMEs are thriving and confident of future success despite glaring gaps in their insurance cover, a study has revealed.
Research by LV= Broker reveals that 75% of SMEs improved or maintained their turnover in the past year. And 41% of those surveyed, including sole traders and companies employing up to 250 people, have seen their turnover increase in the past 12 months, while a further 34% say turnover remained steady at 2013 levels.
In addition, a new generation of SME owners has entered the market as 180,000 people started running their own business in the past twelve months.
As well as increasing turnover, SME owners have also created more jobs. Some 21% of SME owners say they have taken on more staff in the past year and 4% have employed people for the first time, equating to at well over 200,000 new jobs.
