Small & Mighty: How SMEs Are Reaching for the Stars
After the recent Autumn Statement, some good news rolled out for small and medium firms—full expensing is now a permanent perk. That’s a solid win for the 99% of the economy that is made up of SMEs. But the heartbeat of the UK economy still beats best when those small players can invest, innovate and grow sustainably.
What the Research Says
- 64% of UK SMEs want more hands‑on help and resources to drive their business.
- Nearly half (48%) are lost—they don’t even know where to look for support.
- Three‑quarters of businesses feel productivity is stalled, yet only 1 in 5 can afford new gear or tech.
- About 79% of leaders worry about rising operational costs, while 75% stress supply‑chain spend.
- Only 22% have managed a fresh tech or machinery investment in the last five months.
CEO Says SMEs Are Ready to Rocket
Mike Randall, CEO at Simply Asset Finance, called for a government move that would smooth the investment path for SMEs. He says: “SMEs across the country are primed to drive the UK’s economic recovery. A simple, cost‑effective solution is to make it easier for businesses to expense their asset purchases. The Chancellor’s recent decision to keep full expensing permanent is a step in the right direction.”
Randall added that to keep the momentum, “we need more than a one‑off policy tweak. An extension of the Recovery Loan Scheme or a similar replacement would give SMEs the certainty they need to invest confidently in their future.”
Why a Financial Partner Matters
- Lenders must step up their game, offering clearer guidance on funding options.
- They should actively share asset‑finance pathways that can spark growth.
- Money is only the first step—collaboration between industry and government is essential to unlock that huge potential.
Bottom Line
Full expensing is a win, but to keep SMEs on the launch pad, we need:
- Greater clarity and support on where to find help.
- More stable funding models (think streamlined loan schemes).
- Financial partners that help SMEs navigate their futures, not just hand them money.
With these moves, SMEs can truly become the engines that roar the UK’s economy into the future. Let’s make that a reality—one investment at a time.
