One in four SMEs to invest £5k in IT over the next year

Around 39% of SMEs are planning to invest in new IT equipment over the next year, spending on average £5,290 each.

Cars are the second most popular working asset among SMEs, with nearly a fifth (18%) of business owners planning to acquire at least one over the next year, spending on average £14,496.

Plant and machinery (12%) and commercial vehicles (11%) are in third and fourth places with SMEs spending an average of £7,426 and £11,163 on these respectively.

According to a survey by asset finance and leasing specialist Norton Folgate, 10% of SMEs intend to use asset finance and alternative finance to acquire their working assets.

Norton Folgate founder and principal Robert Keep said: “Most SMEs understand the critical importance of up to date IT systems and this is reflected in their willingness to invest in new equipment over the next 12 months.

“We’re finding that many small business owners increasingly see the value of using asset finance to acquire these rather than tying up working capital or turning to bank overdrafts and expensive credit cards.”