Small business owners are no longer judging their own opportunities for growth by the demise of their fellow competitors, a study has found. An annual poll of 500 SME owners found many are now relying on diversifying revenue streams through new sales channels as something to capitalise on.
Increased consumer awareness about the benefits of using small businesses, and realising cost savings, such as reducing fixed costs like rent, are also among the top 13 opportunities identified for 2023. In comparison to 2022’s list of opportunities, as voted by SME owners, introducing new technology to improve business efficiency is down, while expanding into new locations and opening branches have gone up.
Net Zero carbon emissions are also seen as an opportunity for business, which did not register among SME owners in 2022. It comes as AXA UK launched its Start Up Angel competition, which is offering two prizes of £25,000 in funding, four £10,000 prizes for digital marketing campaigns, and mentorship with some of Britain’s best entrepreneurs.
