New research has revealed that Article 50, Brexit and a weak pound isn’t having a negative impact on the UK’s SMEs and mid-market businesses, with almost half (45%) admitting that they are more ambitious in today’s uncertain times than they were a year ago.
The findings are part of the Ambition Index Report, produced by the Lloyds Bank National Business Awards. The report reveals what both SMEs and mid-market businesses are saying about ambition, talent, the impact of Brexit and how they are overcoming challenges in trying times.
Despite the highly anticipated triggering of Article 50 which took place on March 29th, one third (33%) of businesses are hopeful that Brexit will have a positive impact, with a further 30% viewing the changes as a new opportunity.
The positives for businesses included less constraints (23%) and a good chance for foreign trade investment (23%). 42% of businesses that are experiencing a dip in ambition accrue it to bad management, with 38% putting it down to an unclear business strategy, rather than Brexit and Article 50.
Tom Broughton, Group Brand Director of the National Business Awards said: “The Ambition Index Report has given us some very positive results about the nature of both British ambition and the state of UK businesses.
“We can see how ambition filters through those at the helm of businesses, across all regions and companies of various sizes – all who are very much at the heart of our awards programme.”
Now in its 16th year, the Lloyds Bank Business Awards permit any company within the UK, whether public, private or third sector to enter, regardless of size or industry. The awards have a range of categories suited for any successful organisation to tell their story; from large private and public companies through to thriving entrepreneurial businesses, promising start-ups and established SMEs.