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UK’s small firms positive about sales growth

Thursday 30th May 2019

The ongoing uncertainty about the UK’s withdrawal from the European Union is continuing to cause headaches for small and medium-sized enterprises (SMEs), but this doesn’t appear to have dented confidence when it comes to making sales.

Skipton Business Finance (SBF) surveyed almost 1,000 leaders of small firms across Britain and found that many respondents were optimistic about their revenue prospects.

‘Truly amazing’ results
The research encompassed a broad cross-section of sectors, including manufacturing, construction, food and drink, recruitment, and haulage.

Respondents from these industries predicted an average sales increase of 25 per cent for the new financial year, which Greg Bell, managing director of SBF, called a “truly amazing” result.

Prior to the survey, the firm had anticipated a relatively modest average sales growth outlook of five to ten per cent. Mr Bell said the company was “shocked and surprised” by the actual figure, particularly in light of Brexit-related uncertainty and recent research by the Federation of Small Businesses (FSB) suggesting low levels of confidence.

“If there is one thing that we can take away from this survey it is how the UK’s SME industries continue to be persistent and resilient even in uncertain times,” he added.

“We can all agree that this will definitely be a challenging year for us all and statistics like the FSB’s confidence rating prove this. But these statistics show that business leaders can see a silver lining in these foggy times.”

Maintaining a healthy sales pipeline
Regardless of the economic and political situation surrounding your business, there are always actions you can take to strengthen your sales pipeline and maintain a healthy flow of revenue into the company.

Here are some methods that can deliver big results:
Ensure you have a thorough marketing plan that links your promotional strategies to business goals, identifies your target audience, analyses competitors and outlines a budget.

Regularly analyse results to be sure your investment in marketing is paying off in sales.

Do some research to ascertain what marketing channels will be the most effective to reach your target audience.

Make the most of social media. The likes of Facebook, Instagram, Twitter and YouTube have billions of users every single day, providing an unmissable opportunity to reach a wide audience.

Invest in an email newsletter, which can be a valuable way of developing relationships with customers, building your brand and nurturing leads along the sales funnel.

Ensure you’re focusing not just on bringing in new business, but maintaining relationships with existing, loyal customers as well.

By making these and other relevant strategies a part of your overall marketing plan, your business can improve its chances of achieving strong sales growth in the coming year and beyond.

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