Accessability Links
Cookies on our website
By continuing to use this website we will assume you are happy to receive cookies as outlined in our cookie policy
Accept Policy

UK's SMEs are 'thriving and growing'

Jan 16
Share this story:
UK's SMEs are 'thriving and growing'

Small to medium-sized enterprises (SMEs) in the UK are thriving, with reports that profits are up compared to 2013 leading to a positive outlook for 2015, according to a new report.

Three-quarters of the businesses interviewed by LV= Broker had maintained their turnover in the last 12 months, while 41 per cent reported an increase.

The study revealed that a new generation of small business owners has entered the market, with 190,000 new SMEs appearing during 2014.

In addition to improved turnovers, SMEs have also created new jobs, with 21 per cent of owners saying they have taken on more staff during the last year and four per cent employing people for the first time, equating to 200,000 new roles.

LV= Broker warns that while the economic outlook for Britain's small businesses is positive, running a company does not come without risks. An unforeseen event, such as a fire or flood, can bring trading to a halt for a few days, weeks or months while repairs are carried out and stocks replenished.

For some, these unexpected incidents can mean financial ruin and herald the end of the road for some small businesses. The report reveals that the number of liability claims being made against SMEs has been growing steadily over recent years, meaning company owners need to protect themselves against them.

According to the research, 15 per cent of SMEs have no financial backup plan should the worst happen, while four per cent, or 200,000 firms, do not have an insurance policy in place.

When asked why they didn't have insurance in place, 38 per cent did not feel the need to have a contingency plan in place, 21 per cent couldn't afford the cover and ten per cent said they would put all profits back into the business in the event of a fire or flood.

Mike Crane, commercial lines director at LV= Broker, described SMEs as "the lifeblood of the British economy", meaning that it's good news they have experienced increased turnover and taken on more staff in the last year.

He added: "The research shows that thousands are leaving themselves vulnerable to prosecutions and fines by the Health and Safety Executive for not having appropriate insurance in place.

"Getting the right advice on cover from a specialist insurance broker is invaluable for business owners and can make the difference between being able to continue trading or not should the worst happen."

Search for the latest management consultancy jobs and consulting recruitment opportunities or contact us on +44(0)207 089 9017.

Share this story:
Add new comment
Jobs Related to this Post
5 result(s) found 
Page 1 of 1 

£35k-£50k plus excellent bon...
Choice of London, Switzerland and Germ...
Our client is actively seeking exceptional individuals to join their team as Business Analysts in London They are a boutique management consultancy. They partner with private equity firms and
€80k-€90k plus bonus, benefits
Amsterdam, Dutch language not required...
Our client is the consultancy arm of a global integrated marketing agency network. They help our clients grow through disruptions by delivering improved customer experiences
£70k-£100k plus bonus, benef...
Central London
As a communications and culture consultancy that is built around purpose, values and sustainability, every single project that our client delivers makes the world a little bit happier and healthier -
£50k + (OTE £85k+)
About: Our client is a global learning solutions and technology provider to the financial services market in the UK. They have a large variety of products through which they educate over 2m
£80k-£100k plus bonus, benef...
London and Midlands
Our client is growing the work they are doing in the Utilities sector. They are looking for a  Managing Consultant or Principal Consultant to be a member of their Core and / or Operations team