MORE than half of UK small- and medium-sized enterprises (SMEs) performed better in 2019 than a year before despite the ongoing political and economic uncertainty.
Research from Nucleus Commercial Finance found despite wrangling over Brexit and the General Election at the end of 2019, 55 per cent of business owners felt they performed better in 2019 than 2018.
This success was most prominent among those aged 18-34, with 74 per cent saying their business had performed better in 2019, compared with just 39 per cent for those aged 55 and over.
The research also found that businesses in the North East fared the best in the past twelve months with 74 per cent reporting improved performance, compared with 54 per cent in the south east and just 45 per cent in Yorkshire & Humberside.
When asked what their business ambitions were for 2020, a third plan to maintain the same level of business as 2019, a fifth will increase staff and 15 per cent said they intend to launch new products.
“It’s inspiring to see such ambition among SMEs as they start ramping up their efforts ready for the new year,” Chirag Shah, chief executive of Nucleus Commercial Finance, said.
“Not only do business owners remain upbeat, but they are adapting to the challenging political and economic environment by evolving their approach to deliver their strategic goals.
“Accessing finance can help business to achieve these goals, whether it be to deliver greater profit, increase staff headcount, or launch new products.
“As we step into 2020, we encourage business leaders to be bold and invest in their futures, as now is the time to ensure they have what they need to maintain their competitive advantage and deliver growth next year.”