UK small and medium enterprises (SMEs) fear closure within five years, unless they actively make plans to adapt, expand and keep up with their competitors, says a new study.
The findings come following the publication of a comprehensive research report, which found that two thirds of SMEs are struggling to keep up with their increasingly pro-active competitors – who are quicker to adopt new technology and smarter business strategies.
The annual survey, conducted by cloud-computing firm Exact, entitled 2016 SME Barometer Research, found that only 6 per cent of British firms were investing in new technology, 44 per cent had not taken the initiative to explore new business models, and 27 per cent had no plans to grow or expand.
73 per cent of British businesses said that they had plans to grow their organisation within the near future – but study-leaders, Exact, urged SMEs that they need to act fast if they want to keep up with the modern business world.
“It’s great to see that there’s such a positive outlook among SMEs, but it’s clear that in order to deliver on those ambitions businesses need to adapt to the times,” said Gavin Fell, general manager of Exact Cloud Solutions UK.
He urged firms that they must strive to “remain competitive in today’s highly challenging environment”.