The UK economy in constant recovery; start-ups are becoming more frequent in the growing business landscape. Fresh-faced entrepreneurs and business owners are putting their enthusiasm to good use with new ideas and services, providing competition to already established UK SMEs and business owners.
Increase in Competition
But this increasing competition seems to be more prominent than once thought, as one-in-four UK SMEs revealed post-recession start-ups to be the ‘biggest threat’ in today’s financial climate.
SME Tracker Results
According to leading funder Bibby Financial Services’ SME Tracker, which surveys 1,000 businesses with a turnover of up to £25 million and up to 250 employees, 24 per cent of businesses have witnessed an increase in competition as a result of the improving economy. And this increase has in turn proved to be one of the biggest worries faced by modern SMEs and business owners.
A different situation to that seen a few years ago, this change in the business climate has brought about a wave of new businesses and entrepreneurs, particularly those in creative industries. But as already established SMEs and business owners in the UK mark these changes as a ‘threat’, it’s more important than ever that companies, both old and new, prepare themselves for the long-term, and consider their current and future financial situation.
For more information about flexible funding and Bibby Financial Services’ cashflow solutions, visit: www.bibbyfinancialservices.com or call 0800 91 95 92.
About the Author
Having worked in financial services for over 36 years, Andrew Darling is a specialist in invoice discounting, factoring and trade finance solutions. He currently manages the development of business with higher turnover companies at Bibby Financial Services, specialising in corporate finance for businesses with turnover of £5 million or more.