SME Trends of 2017

Contributing 47% of revenue to the UK economy, small and medium-sized enterprises (SMEs) have been growing year on year and the trend is set to continue. So what should SME’s be looking out for in 2017? Well let’s take a look……

Exporting

Should your business be considering entering a new market and expanding outside the UK? Research consistently shows businesses that export outperform businesses that rely solely on domestic trade. The drop in the pound is boosting UK exports overseas. With the government offering their assistance and hoping to double the number of SME exporters, this could be a trend set to continue in 2017.

For more information visit https://www.gov.uk/starting-to-export/introduction

The rise of Crowd Funding

With SME’s requiring investment to push for product innovation and growth, it’s not the banks that are stepping in to assist. Research from Altfi Data showed the number of companies seeking alternative methods of funding increased from 367 to 751 in 2016, a trend most predict will continue in 2017. So whether you’re a start-up or an established business then maybe take a look to see if crowd funding could benefit your business?

Increase in cyber-attacks on SME’s

Over the past few years the business world has seen some big brands experiencing cyber-attacks and data breaches, Three Mobile to the more controversial Ashley Madison are just two examples. Whilst big names hit the press it is SME’s that the cyber criminals are seeking out in 2017. Why? Because SME’s are less likely to have adequate security measures in place. Cyber criminals will hack your server preventing any access to key files the business needs in order to operate and will then present a ransom note for payment before they will hand your system back.

With only 9% of UK SME’s having insurance protection for such an attack, it’s a worrying trend that any SME business should address. If you would like to discuss this cover further please give us a call on 0333 321 1403, we would be happy to assist.

Data Management Platforms

‘Big Data’ is a term that has been flying around for a number of years, but what is it and how can it help SME’s in 2017? ‘Big Data’ is a large data set that can be analysed to reveal trends and patterns that could help make informative, strategic business decisions.

In 2017 it is likely there will be a surge in the use of data management platforms (DMPs), driving real-time analysis of data, enabling real-time decision making. Could this assist your business in achieving growth in 2017?

Rise of Video

Just when you thought you had got to grips with social media the rise of a new platform presents you with another learning curve. 2017 is set to see a rise in video streaming and in order to stay ahead, businesses need to get involved by creating and distributing video content.

85% of people are more likely to buy a product after viewing a product video so, you better get recording!

Many companies already use Facebook and other social networks to try to reach customers, but more SMEs will use videos as a way to engage directly in real-time with them.

I’m sure we will see many more trends developing over 2017. you can follow us on Twitter, Facebook or LinkedIn.

Caunce O’Hara is a business insurance broker offering protection to freelancers, contractors and small businesses. Insurance is vital to all businesses, especially to start-ups. If you would like a competitive online quotation for your business insurance, please click the green button, it only take a few minutes.

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