March 22nd, 2024, Kineree Shah
A recent survey by YouGov, targeting 1,007 UK business decision-makers, sheds light on growth strategies for the coming 12 months, showing diverse plans based on company size.
Our data found that digital transformation is a priority for many businesses, especially larger ones. Half of large businesses are focusing on this area (56%). The importance of digital strategies decreases with company size: 31% for medium businesses, 20% for small businesses, and 14% for microbusinesses.
Expanding sales or marketing efforts is a common goal, with around two in five microbusinesses (38%) and small businesses planning to do so (43%). Cost reduction and efficiency improvements are key for medium (55%) and large businesses (55%), with a significant 42% of small businesses also seeing it this as important.
Launching new products or services is a strategy embraced by 45% of large businesses, 33% of medium businesses, 30% of small businesses, and 27% of microbusinesses. The desire to enter new markets is more common among larger businesses, with 35% of medium and 32% of large businesses looking into it. This strategy is less prevalent among micro (18%) and small (18%) businesses due to the need for more resources and research.
Strategic partnerships or collaborations are considered more as businesses grow, with 37% of large businesses, 33% of medium, and 26% of small businesses planning such moves. Workforce expansion or development is a strategy for small (34%), medium (32%), and large (31%) businesses, but only 9% of microbusinesses consider it.
Diversifying supply chain sources is on the agenda for one-fifth of both large and medium businesses (19%), while fewer micro (9%) and small (12%) businesses prioritize this, possibly due to their limited resources and negotiation power.
Finally, investment in sustainability and environmental initiatives is prioritized by two in five large businesses, one in five medium businesses, 15% of small, and 6% of microbusinesses. This trend underscores the increasing emphasis on sustainable practices in business growth strategies, particularly among larger companies.
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Methodology: YouGov Surveys: Serviced provide quick survey results from nationally representative or targeted audiences in multiple markets. This study was conducted online on 26 February – 4 March 2024, with a nationally representative sample of 1,007 businesses decision makers (aged 18+ years) in Great Britain, using a questionnaire designed by YouGov. Learn more about YouGov Surveys: Serviced.