45 per cent of British businesses ‘more ambitious’ than a year ago

A new study suggests that almost half of Britain’s small and medium-sized enterprises (SMEs) are ‘more ambitious’ today than they were in 2016.

According to the 16th Ambition Index Report, commissioned by Lloyds Bank National Business Awards, 45 per cent of SMEs are now more determined than ever to grow and succeed.

Furthermore, the report found that political and economic uncertainties surrounding recent events – such as the Brexit vote and the signing of Article 50 – do not appear to have dealt a significant blow to business confidence.

Meanwhile, 42 per cent of businesses who admitted that they were experiencing a dip in ambition or business confidence said that they blamed this temporary lull on bad management, while 38 per cent cited unclear business strategy as their biggest concern going forward.

Commenting on the research, Tom Broughton, group band director of the National Business Awards, said: “The Ambition Index Report has given us some very positive results about the nature of both British ambition and the state of UK businesses.

“We can see how ambition filters through those at the helm of businesses, across all regions and companies of various sizes – all who are very much at the heart of our awards programme”.