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The international study by global insurer Hiscox reveals a third year of solid growth for small businesses but widespread dissatisfaction with Governments over what is seen as a lack of support for SMEs. Just 28 per cent of small business owners and managers consider their Government supportive of entrepreneurs. The lowest figure is in France (14 per cent) while in the UK the figure has fallen from 45 per cent to 35 per cent in the past year.
The survey also shows two-thirds of small businesses have increased revenue in the past year. For the first time in many years all six countries demonstrate similar growth rates. Optimism levels are down marginally in all but one country, Germany, but remain high by historic standards. The survey points to further expansion in the year ahead with large numbers of firms reporting growth in their customer base and stronger order books.
Bronek Masojada, Chief Executive Officer at Hiscox, said: “Our study provides a unique insight into the mood and financial well-being of the small business sector and there is a strongly bullish tone to this year’s report. It is notable that small businesses in all the countries covered are now enjoying a positive growth phase, with several indicators pointing to another good year ahead.
"The findings mirror what we are seeing among our 366,000 small business customers worldwide, who have collectively generated double-digit growth for the two consecutive years. SMEs are the engines of growth and it is vital their interests are taken into account by policy-makers.”
Highlights from th report include:
- Majority shrug off Brexit;
- Bank funding in short supply;
- Growth surge among small businesses;
- Recruitment down but hiring intentions positive;
- ‘Bigger the better’ effect: The report reveals a widening gulf between the biggest companies and the smallest;
- Political instability and lack of government support are key concerns.
Once again, the report also highlights widespread unease over SME-focused Government policies. Only 28 per cent of respondents consider their Government to be supportive of entrepreneurs. In the UK, the figure has fallen from 45 per cent to 35 per cent - though the introduction of the National Living Wage and the European referendum may have coloured thinking.
Just over half of UK small business owners or managers agree with the statement ‘Our taxation system does not favour someone wanting to set up their own business’, up from 47% per centa year ago.
Brits say they are the most entrepreneurial: Asked which country ‘has the greatest entrepreneurial spirit’, respondents in five of the six countries put the US top. Only the British beg to differ: they pick themselves.
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Susie Hughes © Shout99 2016
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