3 in 10 UK Businesses rank growth as critical over the next year

Research out today from SAP Concur has revealed that 31 per cent of UK businesses consider growth during 2019 to be critical. Almost all respondents (99 per cent) stated that growth had some level of importance to their business over the next few years. In addition, 96 per cent reported that their company is planning to grow, with it being 25 months, on average, until they anticipate to reach their fastest rate of growth.

Importantly, companies demonstrated notable optimism about growth with three in four (76 per cent) saying that they were very or extremely optimistic that their business would grow in the next two years. Just 16 per cent of respondents considered themselves to be as far advanced as having a global presence, which indicates that the remaining 84 per cent have the opportunity to strive for – and achieve – greater maturity and scalability on a larger economic stage.

Dafydd Llewellyn, Managing Director SMB UK and France, SAP Concur said: “That UK decision makers are so positive about their growth prospects makes for encouraging reading. Undoubtedly to prosper in the midsts of so much uncertainty will require resilience, determination and an adaptable mindset in order to create a nimbleness to their operations that doesn’t hinder growth, stifle innovation or negatively impact their ability to retain and hire staff.

“Rather than fearing the unknown, UK businesses are up for the challenge. In line with this, they’re increasingly seeing finance as an innovative role that can equip them with the data and insights they need to make informed decisions that enable the growth by protecting their bottom line, investments and employees.”

Indeed, 96 per cent said that finance was imperative to their organisation achieving its growth goals. Key findings relating to how organisations prioritise their growth objectives are:

● 57 per cent said that increasing cash flow and profit is an important growth objective

● 51 per cent want to invest in IT infrastructure

● 48 per cent wish to expand into new territories and markets

● 46 per cent would like to hire more staff

● 42 per cent are aiming to improve company-wide productivity

Three in ten (30 per cent) of those surveyed said that finance reporting and insights are critical to setting growth priorities suggesting a clear link between finance and company ambition.

Llewellyn continued: “2019 is going to be a year where the ability to quickly change course is key to survival. With the right processes, transparency and tech in place, UK firms can give themselves the best chance of adapting to changing market conditions and realising those growth ambitions – because if they do the boost to society and the wider economy will be most welcome.”