"Resilience is also about being prepared and guarding against future challenges as well as having the courage to ask for advice and support"
SMEs across the UK are increasingly looking to 'future-proof' by seeking support and advice to build business resilience and guard against unforeseen challenges, according to research from Ultimate Finance.
Recent statistics show that the number of company insolvencies has reached the highest level since 2014, increasing to 16,090 in 2018.
Ultimate Finance's research found that more than half (58%) of SMEs have invested in resilience in some form over the last 12 months, while another quarter (25%) are planning on doing so in the next year.
The firm says 'future-proofing' is presenting a growing opportunity for brokers and others that provide high level consultancy.
Its survey also found that 80% feel that a lack of UK economic resilience relating to Brexit will have a negative impact on their business.
Nearly half (45%) felt that building their professional resilience was key to their success and the majority agreed that product development was the most important area to invest in for future growth.
Steve Noble, CEO of Ultimate Finance, commented: “We often think of resilience as the ability to bounce back from disaster but that doesn’t cover the whole story. Resilience is also about being prepared and guarding against future challenges as well as having the courage to ask for advice and support when making plans to tackle whatever is potentially on the horizon.
“Brokers play an invaluable role in advising businesses on areas vital for their futures. We know from our work with thousands of small businesses, that SMEs are starting to take measures to improve their resilience and our research substantiates it. As Brexit looms and the British economy remains on shaky ground, UK SMEs are preparing for the worst while getting on with every day business. Essentially, they are demonstrating the very essence of what it means to be resilient, as they attempt to overcome challenges. Yet they are time poor and often resource light, which can limit their capability to build their resilience in a way that truly safeguards their future. Our aim is to highlight the challenge and provide resources that will be genuinely useful for SMEs up and down the country.”