Marvin OnumonuNearly three quarters (73%) of small and medium sized enterprises (SMEs) said they expect to grow over the next year, with only 3% expecting to shrink, according to research from Aviva.
62% of those expecting to grow said customer demand will rise in the next 12 months.
Half plan to diversify their products or services, 48% aim to hire more staff, and 35% look to open new sites.
As workloads rise, 77% of decision-makers in growing SMEs said their workload has increased.
Almost one in five (18%) felt they have nowhere near enough time in the day to get everything done.
More than three quarters (77%) said they are taking on tasks outside their main job more than once a week.
The most time-consuming tasks selected by SME decision-makers were financial planning and sales and marketing (both 38%), managing staff and HR issues (36%), admin including arranging insurance (35%), and IT and cyber security (34%).
Many leaders also spent time on compliance and regulation (30%), business continuity planning (26%), and risk management and health and safety (24%).
More than one in five (21%) said they wish they did not have to deal with admin tasks at all.
Despite this, less than a third (32%) said they turn to their insurance broker for risk management support, and only a quarter (25%) use a broker for business continuity planning.
Rebecca Gambrell, managing director, SME and delegated authorities at Aviva, said: “SMEs are vital to our communities, so it is uplifting to see their confidence in the future.
“However, growth often brings a heavier workload and new challenges, at a time when business owners are already managing multiple demands.
“That’s where an insurance broker can really make a difference.”
Gambrell added: “A broker can help bring to life the risks a business is facing and make sure it’s covered appropriately as the business changes, whether through arranging adequate insurance cover, offering risk management advice, or supporting with business continuity planning.
“By helping SMEs manage the risks they face, brokers can free up time for business leaders to focus on what they love – running and growing their business.
“With expert support in place, SMEs can concentrate on taking their businesses from strength to strength, knowing they’re protected.”
