Good news came for small, medium and micro enterprises (SMMEs) in the technology sector this week as London’s status as the tech centre of the UK was confirmed.
In the latest UK Tech Innovation Index, London is leading by a mile, scoring more than seven times higher than the second-placed city, Edinburgh. The data shows that London-based tech companies are leading the way for innovation in virtual reality and data in particular.
London’s property prospects
Recent figures show that the property market in the UK has slowed down considerably in recent months, with activity back down to 2011 levels in some parts of the country. According to the Royal Institution of Chartered Surveyors, political uncertainty has caused the number of new sales and leases of homes in London to flat line. This could spell trouble for small construction and contracting firms in the capital, as there could be fewer commercial opportunities on the horizon.
At the same time, however, the latest financial quarter showed an impressive 48 per cent increase in the number of development land sales completed in London. This suggests that more major development projects are in the pipeline, and that developers are looking for further commercial opportunities to offset this period of low activity. If you are an SMME in construction, find out about prospects for the sector and how to make the most of them in our recent blog post.
Is your small business doing enough to identify new business leads abroad? Recent research by World First suggests that few SMMEs are taking advantage of the opportunities on offer: a survey of over 1,000 small businesses found that only 30 per cent exported their goods or services in the three months to June. This represents a fall of over 20 per cent from this time a year ago.
Worryingly, confidence amongst the businesses polled seems to be low, with one third of those businesses stating that they do not expect to see any business growth this financial year, with many responding that Brexit has dented their desirability to businesses and customers on the continent.
The support on offer in the Building Legacies programme helps small businesses to grow and become ‘fitter to supply’, helping them win contracts in a challenging business climate. If you have any questions or would like further information about the range of support on offer in the Building Legacies Programme, please contact Danny Hackett on email@example.com or call the office on 020 7537 6480.