62% of SMEs plan to increase staff numbers in 2027 – Monzo Business
The bank’s Money Moves Report found 56% were confident about their growth prospects, while 62% plan or hope to increase staff numbers.
More than half of UK SMEs expect to grow over the next year despite higher costs and economic uncertainty, according to a report from Monzo Business.
The bank’s Money Moves Report found 56% were confident about their growth prospects, while 62% plan or hope to increase staff numbers.
Rising costs were named as a barrier to growth by 46% of businesses.
Economic uncertainty was cited by 33%, followed by the tax burden at 26%.
Nearly half said financial admin took too long, while 39% said it held back growth.
Businesses said the workload stopped them investing in technology, equipment or premises, cited by 21%, entering new markets, at 20%, and hiring staff, at 18%.
Nearly two-thirds said simpler financial admin would give them more time for strategy, sales and customer relationships.
With the extra time, 33% said they would seek new customers or markets, 31% would invest in equipment, technology or premises, and 26% would hire staff.
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