As a marketing consultancy working with London-based businesses we were interested in the key challenges and opportunities impacting SMEs in 2016. You’ll find the results of our research on London SME trends 2016 summarised in this infographic:
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SME leaders have people worries
Whether they’re targeting the UK market or do international business, London businesses share issues around human talent and resources. Offering a career path is more difficult in a small to medium-sized business in comparison to corporates. Keeping top talent engaged and from moving on can therefore be harder for SMEs.
Given the challenge to find the right skilled staff in certain areas makes it even more disruptive when employees that have often been trained and developed move on.
When looking at the London SME trends 2016 sorting out their people worries is an essential task for SME leaders this year.
For SME owners time trumps money
Of course time is money in every business. However, SME owners stand to gain value from making time to plan for growth and think strategically. Getting bogged down in the day-to-day running of the business happens all too easily.
Wearing many hats is part of growing a SME. But it’s crucial for continued growth to start delegating when the time has come for SME bosses to focus on managing rather than doing.
The London SME trends 2016 suggest that once the right people are in place – either as internal staff or as an outsourced function – SME owners can focus on making growth happen.
How positive do you feel about your SME growth in 2016?
When you benchmark your growth expectations against the London SME trends 2016 where do you stand?
Whether you have a very optimistic growth forecast or expect growth in line with GDP: if you’re an SME leader short on time or resource, you might be considering outsourcing as a potential solution. Our article “Outsourced Marketing Costs & Benefits” weighs up the pros and cons of outsourcing and gives an idea about costs to help business leaders in their decision-making process.