UK SMEs are thriving in growing British economy

The number of UK SMEs and startups is increasing as the British economy continues to grow.

Small and medium-sized enterprises (SMEs) in the UK are thriving in the UK’s economic recovery, as outlined in the recent British Chambers of Commerce (BCC) Quarterly Economic Survey (QES).

However, while business is booming and the number of new companies being created is increasing, the recovery remains fragile and UK SMEs should ensure they have everything in place to expand, succeed and survive any potential economic slowdown.

Omnilotus Ltd have come up with a few tips to help in that respect.

Plan ahead and be prepared

Be sure to research everything. Not only should you focus on market research, but also look into your available resources, cash flow and think about how much time you have to dedicate to projects.

“Being prepared means as well to calculate additional time for projects and having sufficient cash in the bank to avoid unpleasant surprises. All processes must be recorded and tracked properly,” said a spokesperson at Omnilotus.

Hiring staff

Recruitment intentions in 2015 are forecast to hit all-time highs, according to the BCC’s QES, but before you go on a hiring spree you should plan what you’re looking for.

Note down key skills your company requires, the areas of expertise you wish applicants to hail from and be patient if you can’t find the right candidate immediately.

Further information can be found in our article – Successful SMEs build upon excellent employees.

Innovation brings growth

Bringing something new to the table is a great way to set yourself apart from other competitors. Look to foster a culture of creativity and innovation at your SME in order to have “something unique to offer” in order to make sure you “stay ahead of the market”.

In fact, medium-sized businesses in the UK are said to be the drivers of innovation in 2015, according to a report from Grant Thornton, so make sure your company doesn’t miss out on this potential way to achieve high growth.