Europe’s mid-size businesses call on legislators to accommodate their needs
Majority of mid-market suffers from “middle child syndrome”
Ricoh Ireland, Dublin, 17 October 2016 – Europe’s mid-sized businesses (MSBs) are calling for more government and lender support as 70 per cent believe they suffer “middle child syndrome”. This is according to new research commissioned by Ricoh.
Not only do MSBs feel cut-off from the provisions made for start-ups and small businesses, many lack the capabilities of large enterprises to cope with complex and costly regulation. To compete effectively, 76 per cent of MSBs want legislators to create a landscape where they can drive their growth agenda, subsequently resulting in a stronger European economy.
The research found 67 per cent of MSBs struggle to compete with new market entrants and large enterprise organisations. And 71 per cent say they face greater risk of failure due to difficultly in accessing finance.
The research reveals that MSBs have a range of priorities for the next two years. The top three are launching new products or services (30 per cent), managing growth (28 per cent) and the use of innovative technology (28 per cent).
Keoghan added: “The chancellor of the exchequer’s recent announcement on a support package for businesses which includes £220m to help boost the UK’s technology sector, shows that the need to promote growth and innovation across the UK has not gone unnoticed. To be a global leader and remain competitive with established emerging economies, it is essential that the government keeps providing its support to businesses drawing especially upon their most challenging barriers.”
Note: Definition used for this research of a mid-sized business is a business with between 50-500 employees and revenue between £2.5million and £100million.
1 Figure for number of mid-sized businesses in Europe provided by M-Institute, July 2016