SMEs plan to expand sales in the UK by more than 55 per cent, according to a survey conducted by The Credit Show.
The exhibition and conference conducted online interviews with 117 small and medium sized businesses and found many are “reacting bullishly” to the tough trading conditions being experienced.
Of the retailers surveyed, 78 per cent are confident about their business’ future, with just under half plan to expand into a new area in the next 12 months and a further 37 per cent looking to recruit new staff. Over one in three plan to launch a new product or service while only one per cent plan to scale operations back.
However, 73 per cent said their suppliers are increasing prices; 67 per cent aren’t expanding as quickly as they would like; and 50 per cent are looking to reduce their own costs.
Kamala Panday, publisher of Credit Today, organiser of The Credit Show said: “For some, the credit crunch is beginning to bite. However this survey shows that their hunt for growth has not been affected, no more so than with the retail sector. Businesses are now playing a more strategic game, with over half admitting to chasing slower payers more vigorously.”