Over the past six months UK small-to-medium-sized businesses (SMBs) have grown on average by six per cent despite the broader UK economy struggling, according to the latest SMB Index from HP.
HPâ€™s survey of 1,000 SMBs, with between 1 and 50 employees shows that, compared to that of the previous six months, growth for UK SMBs has slowed slightly but optimism is still strong, with SMBs expecting to grow by up to 13 per cent over the next year. Optimism in the economy is also strong, with 66 per cent of SMBs optimistic about the year ahead. SMBs in Financial Services have grown the most (13 per cent), followed by Manufacturing (10 per cent). SMBs in Retail (4 per cent) and Professional Services (1 per cent) have seen the least growth. Nearly half of UK SMBs (48 per cent) are turning to social media to help grow their business and reach new audiences, with 56 per cent of sole traders recognising its value the most. However, although SMBs are finding social media beneficial for networking purposes (83 per cent), and as a mechanism for advertising (57 per cent), many SMBs are underestimating its true potential for business growth and lead generation.
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