sMEs are increasingly using social media as a business tool
UK SMEs have grown six percent on average over the last six months, research by computer hardware company Hewlett Packard has found.
A survey of 1,000 SMEs has also shown that business owners are expecting to see growth, on average of 13 percent, over the next year. SME owners also appear to be increasingly confident in the economy, with 66 percent saying that they are optimistic about the coming year.
Many SMEs have also commented on their use of social media. 48 percent said that they used it as a tool to expand business. However, it appears that the majority of SMEs are now using social media in some form as 83 percent commented on its usefulness for networking and 57 percent said they used it to advertise.
Financial services and manufacturing have seen the most growth, with 13 and 10 percent respectively. However, retail and professional services have not done as well, seeing only four and one percent.
John Walker, chairman of the Federation of Small Businesses, remains cautious, saying: “While the overall picture suggests that businesses are bouncing back from a harsh winter, and that the economy should return to growth in the first quarter, questions still remain about the strength of recovery.”