The changing profile of the SME

SME-working-in-the-UK-and-the-changing-landscape

In 1971, the Bolton Report described the UK small firm sector as "extremely large and remarkably heterogeneous". Fast forward to 2019 and it seems this description is still as relevant as it was nearly 50 years ago. However, the 1971 Report also described the SME sector as being "in jeopardy" and forecast a decline in the market. With nearly 5.7m SMEs operating in the UK, comprising 99.9% of all businesses, it seems fair to say this prediction has not been realised.

However, the profile of the SME has changed significantly, as has the external environment it operates within. The 1970s was a world without internet; the UK was joining rather than leaving the EU, and the right to request flexible working was still thirty years in the future. The modern SME has had to adapt to such changes, which have inevitably brought opportunities, risks and challenges.

To read the full article authored by Allianz, click the link below

CLICK HERE TO SIGN UP FOR OUR
FREE BI-WEEKLY NEWSLETTER

Latest video

Allianz recent acquisitions – A message for brokers from CEO Jon Dye

Following the recent news that Allianz UK will be acquiring 100% of Legal & General's general insurance business and buying out the remaining 51% stake in LV=... click here for more