Warren Mead, CEO of Sumer, highlighted the critical role that SMEs play in their communities, noting, "Our study makes for some uncomfortable reading, especially if you consider the knock-on effect of even one small business going under in a community. These organisations are embedded within the fabric of their local areas, providing much-needed employment, a sense of pride in place as well as a route for social mobility."
Despite the dire statistic that nearly half of UK businesses have faced potential closure this year, the report also sheds light on the broader struggles within the SME sector. Half of the respondents reported difficulties in accessing financial support, while 65% believe taxes are too high.
However, the outlook is not entirely bleak. Founders remain optimistic about the future, with 60% expecting revenue growth and 57% predicting a rise in consumer demand. Nearly half anticipate an increase in staff numbers (45%), and 49% are actively targeting growth rather than maintaining stability.
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