UK SMEs investigating new business strategies

Two thirds of Britain’s Small and Medium-sized Enterprises (SMEs) say that they have investigated new business plans or strategies this summer, according to the latest research.

The news comes following a study into the impact of the June 23 European Union (EU) Referendum on business strategy – which was carried out by banking group Close Brothers and recently highlighted by Business Money Magazine.

As many as six in seven SMEs told a survey that the Brexit vote had not encouraged them to put their plans for business growth on hold, while five in six added that the EU Referendum had not affected their trade relations with other countries.

Furthermore, one in five SMEs said that they were actively seeking investment opportunities in training and recruitment, while one in six said that they had been looking toward changing their trading partners, or exploring new management structures, since the Brexit vote was announced.

Adrian Sainsbury, Chief Executive of Close Brothers Commercial Division, said: “Despite this [Brexit] uncertainty, SMEs have not stood still. Many have proved their agility and have already introduced contingency plans, refined their business strategy, or indeed invested to take advantage of newfound post-Referendum opportunities.

“It is particularly encouraging to see many are looking to invest in their workforce through increased training and internships to unlock their potential”.