A survey carried out by American Express and Oxford Economics has suggested that UK small and medium-sized enterprises (SMEs) are feeling optimistic in regard to their role within the global economy.
The survey aimed to identify the key challenges businesses face in 2018, and outline the strategies and opportunities they will make use of over the coming year.
57% of businesses surveyed stated that they feel optimistic about the global economy and their role in it.
UK SMEs intend to go ‘back to basics’ this year, and will prioritise meeting their customers’ demands in order to drive growth. The research revealed that 45% of firms believe that this is crucial to revenue growth.
The survey also found that 41% of UK firms will use the advantages associated with being an SME to help accelerate growth in 2018.
Commenting on the matter, Jose Carvalho, Senior Vice President at American Express Global Commercial Payments, said: ‘Our research shows that the UK’s smaller enterprises are primed for success in 2018 by focusing on their special advantages, staying close to their customers and improving efficiency.
‘As an integral part of the economy, and the frontline of British business, SME optimism should instil confidence in other UK businesses and stakeholders.’