SMEs improve business performance, Kingston Smith research shows

Posted: 27th May 2016, 10:46am

Business performance has improved for over two thirds of small and medium-sized enterprises (SMEs) compared to three years ago with increased turnover, profitability and staff numbers. This is according to Kingston Smith’s fourth report in its SME Success series, ‘Winning New Business’, which surveyed over 1,000 SMEs, researching how they attract new business.

Interestingly, areas outside of London and the South East have shown similar improvements in business performance to those within the South East. However, turnover growth differs greatly by sector, with Information & Communication, Finance & Insurance Activities and Transport & Storage leading the way.

SME-graph

Silvia Vitiello, Partner at Kingston Smith in St Albans comments, “This data backs up what we know about Hertfordshire SMEs; they are entrepreneurial, growing and have a critical role to play in driving the UK economy. Much of the improved business performance can be attributed to these SMEs demonstrating tenacity, drive and commitment to finding innovative ways of winning business.”

The survey shows that face-to-face networking emerged as the highest rated method of building contacts and boosting relationships. Silvia comments, “This finding validates the way we and most Hertfordshire businesses already operate. Whilst the ways to connect and our reach have dramatically improved thanks to social media – at the end of the day people buy people. St Albans and the surrounding areas have strong business communities that are excellent at connecting. They contribute to making the region a thriving business hub – and one that is only going to grow thanks to the reported investments into local areas such as Hemel Hempstead and Watford.”
For further information or to request a copy of the report, please email Silvia Vitiello at svitiello@kingstonsmith.co.uk

Silvia is a member of a number of networking groups in St Albans including The Lunch Club and St Albans Women in Business. She is a strong supporter of the local Chambers of Commerce.

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