Less competition good news say entrepreneurs

A REDUCTION in the level of competition as a consequence of the economic downturn has been cited by entrepreneurs as the biggest opportunity for growth within their businesses.

Online sales growth and cost effective merger and acquisition activity also offer approaches to enable wealth creators to expand their operations and succeed.

These are some of the findings of a major new survey completed by more than 250 UK entrepreneurs exploring topics such as exporting, innovation, employment, opportunities and challenges.

Findings from the survey are being published on TheBusinessDesk.com this week and all stories relating to the survey can be found on a special supplement here .

Workforce development is also seen as one of the driving forces for change within the entrepreneurial sector.

More than a fifth (21%) of respondents said they would be looking to upgrade the skills of their workers during the next 12 months.

A mix of product or service innovation (20%), increased use of digital technology (20%) and operational efficiencies (21%) have also been highlighted as areas to focus on during the coming year.

In a reflection of the harsh economic times, almost a quarter (24%) of entrepreneurs cited fewer competitors as one of the main opportunities for their business.

On a more positive note, almost a fifth (18%) of businesses say growing online sales offers a major opportunity for growth and the same number considering M&A activity.

Access to finance remains an issue with 15% of respondents saying the availability of funding will be a factor in the growth of their business.

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