2019 Business Finance Survey: SMEs
[Pages:69]2019 Business Finance Survey: SMEs
? Ipsos MORI | 2019 Business Finance Survey: SMEs | February 2020 | Version 1 | Internal and Client Use
@britishbbank british-business-bank.co.uk
Contents
3
Background
4
Growth
9
EU Exit
20
Awareness of the British Business Bank
23
Finance Use
@britishbbank british-business-bank.co.uk
49
Equity Finance
2
15
Awareness of Finance
54
Perceptions of Raising Finance and Future Use
Background
In 2012, BIS commissioned a new survey exploring the stages SMEs go through when considering the need to raise external finance (1,500 SMEs interviewed by CATI).
The British Business Bank repeated the survey in 2014 (1,000 SMEs interviewed), in 2015 (1,608 SMEs), 2016 (1,535 SMEs), in 2017 (2,070 SMEs) and 2018 (2,000 SMEs).
The 2019 survey is based on 4,003 SME interviews from 27th August to 25th November. Two versions of the questionnaire were used. Some new questions were added but core questions remain the same enabling comparison over time.
Statistically significant changes between the
2018 and 2019 surveys (at 95% confidence
level) are identified by green arrows
(increases) and red arrows (decreases).
@britishbbank
british-business-bank.co.uk
3
Growth
@britishbbank british-business-bank.co.uk
One in five SMEs has grown over the past 12 months
Growth of business turnover or in the number of employees in past 12 months (%)
Proportion of firms with 3 years of 20%+ growth (= 2% of SMEs)
Grown by 20% or more
Grown 10% - 20%
Grown by Stayed around up to 10% the same size
Become smaller
6
5
10
56
22
20%+ growth in previous two years (among firms with 20%+ growth in past year)
Yes No
Don't know 1%
36% 63%
Highest/lowest growth
21%
have grown overall (lower than 30% in both
2018 and 2017)
Higher than 45% in 2018
Yorkshire and the Humber
London
30% 16%
@bBtoraistineisc=lhubdaebll agSrnMokEwsthinobf uthseinensusm2b+eryoefaersm(pnl=oy3e,9e5s1in),aQdudeitsiotinontoBt4u.rAnlolvSeMr Eosnlgyro(awsnp2e0r+2%01p8a).st 12 months (n=272). Question B4/B5. (single code, prompted). Question updated in 2019
british-business-bank.co.uk
5
Growth expectations are less buoyant than in 2018, especially among SMEs without employees. More SMEs expect to remain the same size
Growth expectations ? by number of employees (%)
All 7 8
14
49
Expect to grow
19
4 28%
No employees 5 7
12
51
20
4 23%
Micro (1-9)
11
10
19
44
13 3 40%
Small (10-49)
12
12
27
38
9 2 52%
Medium (50-249)
7
13
Grow 20%+ Same size
32
Grow 10%-20% Shrink/sell/close
37
62
Grow up to 10% Don't know/other
53%
Question B6 (single code, prompted). Base = all SMEs (n=2000), No employees (n=823), Micro (n=690), Small (n=316), Medium (n=171). Note: `expect to grow' combination is subject to rounding so may not equal the sum of figures presented on the chart.
@britishbbank
british-business-bank.co.uk
6
28% of businesses expect to grow over the next 12
months (lower than 36% in 2018 and 35% in 2017)
SMEs without employees are the least optimistic, with a fifth (20%) expecting to shrink, sell or close the business, compared to only 6% of medium-sized SMEs
Sig higher than 2018 Sig lower than 2018
Recruiting and retaining skilled staff is less likely to be reported as an obstacle than 2018
Obstacles in the next 12 months (%)
Issues recruiting and retaining skilled staff
Access to external finance
Availability of relevant advice for your business Cash flow or issues with late
payment
64
59
53
46
% One - not an obstacle at all % Five % Eight to nine % Don't know
11 7 6 5 4 3
16
11 4 4 3 3
22
13 5 3 2 3
24
12 8 6 3 2
% Two to four % Six to seven % 10 - a major obstacle
Question B8 (single code, prompted). Base = all SMEs (n=4,003).
@britishbbank
british-business-bank.co.uk
7
Moderate obstacle
6-7 6% in 2019 6% in 2018
6-7 4%
6-7 5% in 2019 5% in 2018
6-7 8% in 2019 8% in 2018
Significant obstacle
8+ 8% in 2019 10% in 2018
8+ 6%
8+ 5% in 2019 5% in 2018
8+ 9% in 2019 9% in 2018
Sig higher than 2018 Sig lower than 2018
Political uncertainty and current economic climate are seen as the greatest obstacles
Obstacles in the next 12 months (%)
Moderate obstacle
Significant obstacle
The UK leaving the European Union
34
15
14
9 10 13 4
6-7
8+
9%
23%
Political uncertainty/ government policy
31
14
14 11 12
15 4
6-7
8+
11%
27%
Legislation, regulation and red tape
The current economic climate
29 22
19
16
12 10 11 3
6-7 12%
8+ 21%
18
18
15
15 10 2
6-7 15%
8+ 25%
% One - not an obstacle at all % Five % Eight to nine % Don't know
@QbureisttiisohnbBb8a(nsikngle code, prompted), all new codes in 2019. Base = all SMEs (n=4,003). british-business-bank.co.uk
% Two to four % Six to seven % 10 - a major obstacle
8
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