SMEs Keep Hiring Despite Economic Worries

Small businesses are shrugging off widespread economic fears and continuing to take on more staff.
According to the Government's Small Business Survey 2015 almost a quarter, 24%, of SME employers had more people working for them in 2015 than in 2014.
Only one in ten reported a reduction in staff numbers, which is down from around one in five in 2010.
Small Business Minister Anna Soubry said: “This survey shines a light on the small businesses that drive our economy and employ millions of people across the country - and it’s good news that small firms continue to employ more people. A strong economy underpins the success of our small businesses which is why this government continues to take the difficult decisions needed to keep our economy and businesses strong."
The survey also asked SMEs about their internet usage and found that 95 per cent of employers use the internet for work, 76 per cent have their own website, and 55 per cent have a social media profile.
Other findings reveal that 81 per cent of smaller businesses which applied for finance secured all or some of what they asked for. Bank overdrafts were the most commonly sought type of finance, while peer-to-peer lending and crowdfunding made up five per cent.
Late payment continues to be a problem for almost a third of SME employers.
Results from the survey for businesses with no employees revealed that more than three quarters of them made a profit in the previous year with a half aiming to grow their sales over the next three years.