Vested UK hosts its second annual SME Finance Monitor Breakfast & Brainfood event
What do SME finance and mini croissants have in common? Not an awful lot, unless you were at our event this morning! We had the pleasure of hosting our second annual SME Finance Monitor Breakfast & Brainfood event, hearing from Shiona Davies, ‘the most authoritative source on SME finance’ talking us through the latest findings from the BVA BDRC SME Finance Monitor.
Our Breakfast & Brainfood event series brings together leaders in financial services communications and marketing to discuss, debate and challenge different themes and trends from the industry. In the past we’ve heard from Longitude at the Financial Times on thought leadership and Trajectory on future trends.
Shiona led us through the results which led to a lively conversation. Some of the key outtakes and questions which sparked the conversation were:
- The demand ‘v’ supply debate – banks are regularly criticised for the lack of funding. But how many SMEs are actually looking for finance?
- The growth mindset, it’s not shared by all businesses. But some very successful businesses are happy with the status quo and not looking to double their turnover every year. They still make a valuable contribution to the economy!
- That said businesses are looking increasingly at their profit margin, not just the profit. Is this prompted by a desire to take less risk and do a better job of what they’re already doing over-aggressive expansion?
- How is Brexit really impacting how SMEs are feeling and what they’re doing? And will there be a watershed post-Brexit …. We concluded there probably won’t … but only time will tell.
Unsurprisingly, many SMEs aren’t aware of the options available to them, with just half having heard of Funding Circle, arguably the biggest peer to peer lending platform for small businesses. The conversation then slanted to focus on the role that communications and marketing has to play; in helping SMEs to realise the impact finance could have for them, that finance is a good option for their business and the opportunities it could drive. With small businesses being at the heart of the UK economy, and as a fast-growing business ourselves, we know the future is bright for UK SMEs.
Keep your eyes peeled for our next Breakfast & Brainfood event – it’ll be egg-celent… (sorry)!