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 

£40k-£50k plus excellent bon...
Central London
Customer Success Manager - Growing Tech Firm, Central London - Central London£40k-£50k plus excellent bonus and benefitsOur client are a technology start-up based in Camden which use a SaaS platform
Competitive for the best graduates wit...
Central London, limited travel require...
Analysts for Procurement Specialist Consulting Firm - Central London with only 15% travel requiredExceptional to hire the best experienced graduatesLondon based Management Consultancy – Analyst Our
£50k-£100k plus bonus, benef...
Central London
Energy / Commodities - Business Development and Sales for Leading European Research Company - Central London£50k - £75k base plus excellent bonus, benefitsOur client is one of Europe’s leading
£50k-£100k tax free plus exc...
Middle East (Dubai) and North Africa l...
Strategy Consultants - Healthcare and Pharma Sector for Dubai and North Africa - We have roles in Dubai, Algeria, Tunisia and Morocco£50k-£100k tax free plus bonus, excellent benefits such as housing
€50k - €120k plus bonus, benefits
Germany, multiple locations
Our client is growing globally and particularly in the German market where they have over 40 consultants focussing on operational improvement, supply chain and digital