2018 Business Finance Survey: SMEs February 2019

Transcript:2018 Business Finance Survey: SMEs February 2019:
2018 Business Finance Survey: SMEs February 2019 Contents Background – page 3 Growth – page 4 EU Referendum – page 11 Awareness of Different Types of Finance – page 21 Finance Usage and Application – page 25 Perceptions of Raising Finance and Future Use – page 51 Equity Finance – page 57 Invoices and Late Payment – page 62 Summing Up – page 68 Background In 2012, BIS commissioned a new survey exploring the stages SMEs go through when considering the need to raise external finance and the specific actions they take (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) and in 2017 (2,070 SMEs) 2018 survey is based on 2,000 interviews with SMEs in September and October. Some new questions were added, but core questions remain the same enabling comparison over time Statistically significant changes between the 2017 and 2018 surveys (at 95% confidence level) are identified by green arrows (increases) and red arrows (decreases) Growth Three in ten SMEs grew in the past 12 months Growth of business turnover in past 12 months Has turnover grown 20+% for previous 2 years? Base = all SMEs in business 3+ years (n=1,927), Question B4. All SMEs grown 20+% past 12 months (n=200). Question B4/B5. (single code, prompted) Yes No Don’t know Proportion of firms with 3 years of 20%+ growth Expect to grow turnover in next 12 months SME growth expectations in line with those seen in 2017 Base = all SMEs (n=2,000 In 2018), no employees n=821, micro n=667, small n=311, medium n=201. Question B6 (single code, prompted). C1/C2. 36% 31% 48% 54% 67% % Expect to grow moderately or better 21% have exported in past 3 years 23% plan to export in next 3 years Growth expectations among SMEs that have exported in past 3 years – by number of employees SMEs that have exported in the past three years have higher growth expectations Base = all SMEs who exported in the past 3 years (n=506 exporters in 2018, 1487 non-exporters), no employees exporters n=162, non-exporters n=658; micro exporters n=162, non-exporters n=503; small exporters n=105, non-exporters n=205; medium exporters n=77, non-exporters n=121. Question B6 (single code, prompted). 49% 46% 54% 59% 69% % Expect to grow moderately or better 32% 28% 47% 51% 66% Non-Exporters Exporters Similarly, those planning to export are