UK SMBs believe they "have strategies in place to thrive in age of uncertainty" says report

Economy and business performance not a problem, reckon small firms

SMBs in the UK are confident and optimistic about their futures in the oncoming "age of uncertainty", a study by American Express has found.

Questioning senior executives at 3200 SMBs across 15 countries, the reporting uncovered SMBs - particularly in the UK - that "are confident in their ability to deliver increased revenues and profitability", with 58 per cent of all SMBs questioned revealing they expect "significant revenue growth over the next 12 months, and with 50 per cent of the UK specifically believing this, with a figure of "at least four per cent" cited as the expected growth level.

Sixteen per cent even said they expect growth of 8 per cent or more in that same period.

A majority of 57 per cent of respondees in the UK also said they expected 4 per cent growth rate per year over the next three, with 22 per cent believing they'd see 8 per cent.

The figures are encouraging in the face of the arguable ‘double whammy' of Brexit and Donald Trump's rise to power in the US, with the initial public Brexit vote in June 2016 wiping £125bn off the UK FTSE 100, and America's future puts several elements of established trade and foreign relations into doubt.

But SMBs are apparently seeing these elements as "key challenges" to be risen to, as opposed to stepped away from, with 43 per cent of UK SMBs saying expansion into new markets will be their top focus in the next three years.

Aparently, 47 per cent of UK SMBs already believe they're ready for export sales - this is very likely to include much of the technology market, who have a history of globalising their concerns.

In terms of the products and services they produce, 62 per cent of UK SMBs recognise that customers are "demanding more new or tailored products and services" while 51 per cent say understanding changing customer demands is "a key strategy for revenue growth".

R&D, meanwhile, now requires incorporated customer feedback according to 64 per cent of respondents.

While Amercan Express's report doesn't dwell on it, there is clearly a lot of room for technologies such as big data and analytics, IoT and various other forms of technology to help businesses hone what their customers want as the scramble for a post-Brexit existence begins.

Jose Carvalho, senior VP for global commercial payments Europe at American Express, said it's "very encouraging to see this evidence of optimism and self-confidence among UK Small and Medium-sized enterprises.

"Businesses are deftly navigating through challenges and this resilience is helping them to thrive. The research shows SMBs are focusing on expansion and growth opportunities, reaching out to new markets and customers at home and globally."