Is the government doing enough to encourage SME growth?

Since entering the recession there has been a continuous push for business recovery and only now, in the latter part of 2013, are things seemingly looking up.


A major driver in the recovery is the performance of SMEs across the country, as they play a vital part in terms of encouraging growth and jobs creation.


As a result, the country can take a positive approach to tackling unemployment while pushing for economic growth at the same time.


Assessing the available options


It is therefore important that all SMEs fully understand the options available to them so that they can benefit to the fullest extent possible.


With more companies reported to be in a stronger financial position than at the same point in 2012, it would seem as though some of the more recent initiatives are assisting SMEs.


By providing finance options to help with growth and expansion, an increasing amount of SMEs can tackle more far-flung markets and innovate to a greater extent.


If companies can increase the size of their target audience, they can strengthen their reputations and find success on a larger scale.


It can also help them to find the desired expertise that they might require to reach the next level or develop creative ideas to exploit a gap in the market.


Putting the basics in place


Assistance to increase expansion methods and measures to increase efficiency and cost effectiveness are fundamental to this success.


More also needs to be done to increase confidence levels of many SMEs, as many are not prepared to pour funding into a climate that they are unconvinced by.


As a result, they need to gain assurances that can convince them that spending their hard-earned profits on expansion and new ideas is necessary for the continuation of the businesses.


While plenty is already being done to drive SME growth and market recovery, the very nature of the sector means it is always possible to explore more options.


Therefore, the government can play a leading role in ensuring that all available means are readily available for companies up and down the country.


By Phil Smith


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