According to a poll of 500 SMEs commissioned by independent body TheCityUK, 43 per cent of respondents believe that reduced margins and the subsequent effect on profitability will be their main challenges this year.
Meanwhile, the rise in VAT to 20 per cent was a major concern for 39 per cent of SMEs and reduced cashflow is an issue for just over a third.
Chris Cummings, chief executive of TheCityUK, said there is "no doubt" that this year will pose challenges to firms and said it is important to address any obstacles to growth.
"Business has pressing concerns that must be heard if the private sector is to create the jobs and opportunities needed to take up the challenge of generating real growth and make sure the UK remains globally competitive," he added.
According to the Work Foundation, while the UK jobs market saw growth in 2010, fragility still remains, so it is important to increase the number of permanent jobs available, such as those in sales recruitment.
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Posted by John Oak and Wayne Bly
Source: The Sales Director News