A new study, commissioned by Allica Bank , shows that a high level of engagement and interaction with external institutions and resources, is central to SMEs’ prospects of success. The study analysed data from over 1,000 companies and ranked their success on a scale that evaluated factors including productivity, growth, consistency and outlook. Of the top performing SMEs in the country, 30% have obtained external credit in the past three years, compared to less than a quarter (24%) of all other businesses. This figure drops even further for the weakest performing businesses – those in the ninetieth percentile – where just 12% of businesses have obtained external financial support in recent years.
Chris Weller , chief commercial officer at Allica Bank, said: “In the UK there is a wealth of external advice and support for small businesses and we urge each and every business out there to tap in to the external resources around them.”