How to scale your small business in the UK during tough economic times | Future Focus
On this week's episode of Yahoo Finance Future Focus, our host Brian McGleenon speaks with Simply Asset Finance chief operating officer Ylva Oertengren to explore strategies for growing small and medium-sized enterprises (SMEs) in the UK amidst the current economic challenges. Oertengren emphasised that despite SMEs' vital role in the economy — making up 99% of businesses and employing over 60% of the workforce — many struggle due to limited access to finance. She highlighted the importance of boosting productivity through investments in technology and skills, but noted that SMEs face hurdles in securing the necessary capital. Oertengren advised businesses to seek flexible and tailored financing solutions from lenders who understand their specific needs, rather than relying on overdrafts or credit cards. She also underscored the importance of partnerships between large and small financial institutions to better serve SMEs and help them thrive in a tough economic climate.
