In today’s often uncertain landscape, opportunities exist for SMEs to grow but how can they leverage the right financial tools to maximise their growth?
“The UK’s SMEs are optimistic about the global economy and their role in it – and it’s evident that they are going back to basics to unlock ambitious growth over the next 12 months, according to new research from American Express and Oxford Economics*.”
Colin O’Flaherty, UK vice president and general manager, global commercial services at American Express says the research found that “41 per cent of UK SMEs are actively leveraging the advantages of being a small business to fuel revenue growth”.
He added: “In particular, agility and great customer service are something at which these businesses are naturally adept, and it shows in the figures: 23pc of UK SMEs say they will achieve 10pc growth by 2020 despite economic uncertainty.”
That said, while UK SMEs are ambitious, they can find it difficult to access the financial tools they need to grow. The research found that 60pc of SMEs say inadequate cash flow affects their ability to pay their suppliers on time yet less than a quarter are taking advantage of more flexible ways of financing.
Mr O’Flaherty says that American Express works with thousands of UK businesses every day, “to offer payment tools which help them achieve savings, efficiencies and control over their finances – whether they want to boost their cash flow or simply want support to take the hassle out of making payments abroad”.
*Research conducted in October and November 2017 among 3,000 SMEs, ranging in size from 10 to 250 employees across 12 countries and 16 industries
For more information, visit americanexpress.com/uk