Confidence | Concerns | Cash | eCommerce
Hannah Fitzsimons, Executive Vice President & General, Manager, Elavon Europe
At the start of 2019 there were 5.7 million SMEs in the UK, up from 5.5 million and representing 99% of all private sector businesses in the UK. In late June 2019, we undertook research to understand SMEs in the UK: what makes up, moves and motivates this hugely powerful, evolving economic force. We wanted to take the temperature and gauge confidence, if only to understand why the numbers keep growing despite the perceived doom and gloom. Given that the current and the next generations both ultimately aspire to work for themselves, and the barriers to starting a business have never been lower, the number of UK SMEs will continue to increase.
As a B2B payments provider, SMEs make up the largest proportion of our customers. We wanted to get a broad pulse on sentiment, trends, concerns and opportunities across enterprises of all sectors, sizes, lifespans and locations. Our data offers a sharp insight into where SMEs are now, how they’re feeling, and what opportunities remain untapped.

It’s fascinating, for example, that nearly one in four UK SMEs in 2019 that don’t have an eCommerce presence, also go without a company website. It’s an era where customer retention is a major concern – and customer service can make or break a business – yet nearly a quarter of SMEs don't meet their customers online.
Similarly, we’re in a time of great domestic market uncertainty but nearly half of UK SMEs haven’t opened themselves up to the opportunities of eCommerce, and the efficiencies possible therein.
Cashflow is a longstanding SME concern and 2019 is no different. But while previous generations of SMEs lacked choice in payment options, that’s not the case today. It’s therefore surprising that SMEs haven’t fully explored and embraced apps and payment technologies that could bring the security, efficiency and speed in cashflow they clearly seek.
These are some of the key opportunities, but let’s not overlook the sentiment. SMEs in the UK are, perhaps against the odds, positive, resilient and standing tall.
As a powerful, vital business segment for Elavon - and the economy-at-large - it’s inspiring that optimism and confidence define the SME landscape today - a time truly like no other.
These are some of the key opportunities, but let’s not overlook the sentiment. SMEs in the UK are, perhaps against the odds, positive, resilient and standing tall.
As a powerful, vital business segment for Elavon - and the economy-at-large - it’s inspiring that optimism and confidence define the SME landscape today - a time truly like no other.
Methodology
- The research was conducted by Opinion Matters on behalf of Elavon, with 865 SME owners / directors / senior managers between 22.05.2019 - 04.06.2019.
- An online quantitative survey was used for data collection.
- Opinion Matters abide by and employ members of the Market Research Society which is based on the ESOMAR principles.