A recent survey highlights the mixed fortunes of Britain’s small and medium-sized businesses (SMEs). While the broader economy shows signs of stabilizing, many SME owners remain cautious about the future, though determined to pursue growth.

The survey, conducted by Allica Bank with over 450 SME owners, found that 72% feel running a business has become harder in the past year. The main worries include ongoing economic uncertainty (42%), rising costs (41%), and weak consumer confidence (25%).

Government policy is another concern. Nearly half (46%) of SME owners believe the recent Autumn Statement will make running a business more difficult, while 35% expect it to harm the wider economy. These challenges weigh heavily on the minds of Britain’s entrepreneurs.

Focus on growth

Despite this, the survey reveals a strong focus on growth. Most SMEs (85%) have funded themselves so far, but 40% plan to raise external investment in the next year. Three-quarters aim for profitable growth over the next 18 months, with 48% looking to improve efficiency through technology and automation.

Global ambitions are also a priority. With 45% of SMEs already selling abroad, 30% are planning further international expansion.

“In tough times, supporting an entrepreneurial culture is more important than ever,” the researchers said. “It’s encouraging to see so many businesses focused on growth and innovation. Allica is ready to help them succeed.”

The findings show the determination of UK SMEs to overcome challenges and build for the future. While the road ahead may be uncertain, their ambition remains strong.