2015: How was it for your business?
As another calendar year passes, many SME’s will have also passed another financial year end. They will now therefore be assessing how growth was for them last year, and what budget they should set for 2016. Overall, local SME’s averaged growth of just 0.7% during 2015.
They were therefore unable to even match UK GDP growth of 2.7%. Star sectors of Construction and Retail turned in more respectable growth rates of 7% and 6% respectively, as they continue to bounce back from the 2008/9 UK recession, whilst Agriculture, uncharacteristically, continued to suffer depressed produce prices, regressing -14%.
Business owners will be wondering what the future holds? With 2016 UK GDP growth predicted to languish at 2.6%, the general economic climate still looks gloomy. SME’s will need to therefore champion their own business development initiatives and trust that these and the usually affluent Cambridgeshire micro-bubble enable them to return to the good times soon.
Blog entry by: Stephen Malkin.