A growing appetite to invest in growth is becoming evident among SMEs in the IT and telecoms space, according to research released by specialist lending and savings bank Aldermore.
Its report, entitled the Aldermore SME Outlook 2016, found that 50 per cent of those firms surveyed intended to hire more staff over the next five years to fuel growth, and a further 47 per cent plan to invest in new technology to increase productivity.
In addition, the figures reveal that 20 per cent of SMEs intend to grow by joining forces with another business either via a merger, or through acquisition.
A further 59 per cent are planning to launch new products to boost growth, and 54 per cent are planning to ramp up marketing efforts to raise more awareness of their business and drive growth.
Just eight per cent of those questioned said they would not be taking positive action to grow their business.
And despite the shadow of Brexit and uncertainty over the UK economy, Aldermore’s figures reveal that SMEs are confident that investing in their business is the best way forward to strengthen their position in the market.
Andrew Dixon, commercial director for specialist finance at Aldermore, said: “It is clear that SMEs in the IT and telecoms sector are being proactive and have strong plans in place to grow their business over the next five years. Not only are they intending to promote their business through increased marketing activity, but they are also taking steps to launch new products and hire new staff.
“Whether this is despite of or in reaction to the upcoming uncertainty brought on by the EU referendum is difficult to gauge. However, it is clear that these steps will serve to increase the ability of SMEs in IT and telecoms to continue driving economic growth locally and throughout the wider UK economy.”
Nima Green asks what is driving public cloud uptake in Germany
CEO Chuck Robbins says Cisco will use the Catalyst 9000 product range as a template for future launches
Today saw 14 of the UK IT channel's biggest hitters come together to determine the winners of CRN's WiC awards. But what does being a WiC judge actually involve? Doug Woodburn reports
German vendor claims to be Continuum's 'solution of choice' when it comes to BDR hardware