For the second year in a row, the best business opportunity for small and medium businesses is returning customers as the economy stabilizes, according to a new report.
One in five SME owners see this as a key opportunity for growth in 2023 – while 20% are looking to introduce new products or services, and 19% expect to acquire new local customers.
Increasing revenue through new sales channels, and a commitment to new work patterns such as remote or hybrid work, round out the top five job opportunities for 2023, according to a survey of 500 small and medium business owners.
And while in 2022 a fifth of small business owners saw closing competitors as something they could capitalize on, that has now slipped down the list, with just 12% saying the same thing this year.
Other priorities from 2022 that are now less important include implementing new technology to improve business efficiency.
In response to the findings, Stephen Mooney, Founder and CEO, Inc FundMyPitch He said: “Trust is king when it comes to allowing entrepreneurs to reach their full potential, so it’s good to see an increase in optimism during turbulent times. However, many business founders with bright ideas and impressive products lack the financial support they need to expand. Often, getting a trusted appraisal or even being taken seriously by potential financiers is still a long way off, even for entrepreneurs who have already shown they are building profitable businesses.”
“Now is the time to get behind Britain’s SME community, unlock investment opportunities and drive growth with the same enthusiasm we often see in many other countries around the world,” Mooney added.
Technology expert James Campanini, CEO, Inc VeUP He said: “SMEs are the beating heart of the UK economy and it is heartening to see the return of market confidence despite stubborn inflation and the prospect of higher interest rates. However, as ambitious companies continue to roll out new products and services, it is imperative that owners control the IT infrastructure.” information they have and improve their IT infrastructure, so that they are well suited to working remotely.Although many companies are prioritizing cloud computing as their best investment this year, far too many SMEs are failing to manage cost optimization, leading to deficiencies that may hinder growth.”
Fintech entrepreneur Khalid Talalker, Co-Founder, DKK Partners He said: “UK businesses play an important role in job creation and productivity and are a key driver of economic growth. It is encouraging to see optimism for 2023 rising as businesses look to invest in new products and services as well as acquisitions and expansion abroad. Key to driving SME growth “is to give entrepreneurs access to international markets and the latest services for making international payments. This will unleash exponential growth and allow the next generation of companies to reach their full potential as a truly global business.”
The research comes as AXA UK launched its website Start Up Angel contestwhich offers two prizes of £25,000 in funding, four prizes of £10,000 for digital marketing campaigns, and mentorship with some of Britain’s best entrepreneurs.
Deepak Soni, Director of SME Insurance at AXA UK, said: “Challenges provide opportunities, but it is not always easy to capitalize on them.
“The past few years have been among the toughest for small businesses due to the Covid pandemic, so we are doing everything we can to support and encourage those who are just embarking on their journey.
“The AXA Startup Angel competition, which concludes on Sunday, will provide an invaluable boost to a select group of small British startups.”