A quarter of SMEs in the transport and distribution sector plan to grow by joining forces with another business either through a merger or acquisition, according to research from specialist lending and savings bank, Aldermore.
Nearly a third of SMEs (32 per cent) plan to launch new products to boost their growth. Some 48 per cent of businesses will increase their marketing efforts to grow, and 21 per cent intend to hire new staff over the next five years.
The Aldermore SME Outlook 2016 found that 35 per cent plan to invest in new assets such as vehicles to increase productivity. And 25 per cent intend to grow by joining forces with another business either through a merger or acquisition.
Only 20 per cent of those questioned claimed that they will not be taking positive action to grow their business.
“It’s clear that SMEs in the transport and distribution sector are being proactive and have strong plans in place to grow their business over the next five years. Not only are they intending to promote their business through increased marketing activity but they are also taking steps to launch new products and hire new staff,” said Ross McFarlane, Aldermore’s director of invoice finance.