The latest quarterly SME Risk Index from global insurer Zurich showed that, while 16 per cent said they felt that financial pressure would put them at high risk of going out of business this year, many SMEs had taken valuable steps to ensure that this does not happen.
Retailers, IT and telecoms and construction appeared to be the sectors that are provoking the most concern.
Implementing tighter financial and operational governance controls was the most popular strategy used to ensure an increase in turnover, with almost a third of SMEs admitting to have used this tactic.
Hiring skilled staff to manage operational challenges and reviewing insurance coverage were named as further measures that were taken.
Director of SME at Zurich Richard Coleman said: "A key factor in surviving and achieving growth is being able to strike a careful balance between taking necessary risks on the one hand and then overcoming and preparing for risks on the other."
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Posted by Wayne Bly
Source: The Sales Executive News