UK ENTERPRISE SURVEY REPORT 2011

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1 In association with UK ENTERPRISE SURVEY REPORT 2011 A unique annual insight into business competitiveness and globalisation business with confidence icaew.com/smeresearch A

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3 welcome to the ICAEW UK Enterprise Survey report has been a difficult year for UK businesses. Our 15th annual ICAEW UK Enterprise Survey signals a slow return to growth as many businesses continue to operate within a challenging economic environment. This is reflected in other ICAEW business surveys which have shown a downward trend in confidence since The primary aim of this report is to capture the views of ICAEW members who work at the heart of business, including chief executives, chief financial officers, finance directors and senior management in businesses of all sizes. Through its publication we can highlight the challenges facing UK businesses as well as opportunities for fostering growth. We also recognise the relevance of this report to the wider global economic context and will publish an additional ICAEW Global Enterprise Survey. This allows us to compare the views of our Chartered Accountants in the UK with those in the remainder of the EU, the Gulf, Asia-Pacific, Africa and the US. UK businesses are continuing to adapt and respond to the changing global economic landscape they operate within. As traditional export markets in the United States and Europe tackle fiscal pressures, UK businesses are looking to new markets and increased international activity. Manufacturing and engineering in particular have an international focus. Surprisingly, medium size firms are more likely to view globalisation negatively and only 7 of non-exporters have plans to sell their goods or services abroad. This means we must shift the way we might help existing exporters grow. The report also highlights the distinct challenges and opportunities facing small, medium and large UK businesses. So there is no benefit in a one size fits all approach to promoting enterprise. Over the next 12 months 45 of turnover growth is expected to be driven by large firms with 36 from small firms and 19 from medium size firms. Despite higher levels of turnover in larger firms, 70 of employment growth is expected to come from small business. This may be due in part to the focus of large firms on cost saving measures. Similarly larger firms are focusing more on managing risk than smaller firms while medium firms are focused more on paying down debts an area in which ICAEW s business advice service is supporting SMEs. With the Autumn Statement and the Coalition Government s report on the second phase of the Growth Review weeks away, this report presents a set of additional policy challenges for Ministers to consider. First, despite ambitions to rebalance the UK s economy, this report highlights that we are still heavily dependent on the financial sector for growth. Second, business confidence in the UK s regulatory and tax environment has fallen since May 2010 especially for medium size firms. Third, whilst consumer confidence is essential to increasing business performance, the challenge is how to achieve increased activity at a time of record unemployment. Fourth, this report recognises a strategy gap in responding to the distinct needs of businesses based on their size this perhaps is the most serious challenge that will need to be overcome as policy makers seek to foster improved levels of growth. Michael D M Izza Chief Executive Welcome icaew.com/smeresearch 1

4 key findings GROWTH Since the UK emerged from recession the proportion of businesses reporting growth has recovered, though has not yet returned to 2007 levels. Six in ten businesses expect to grow their turnover over the coming 12 months. While small and medium-sized businesses are expected to punch somewhat above their weight for their share of growth over the coming 12 months, roughly half of growth in the economy will come from the UK s c.5,890 large (250+ employee) firms. This suggests that policy-makers need to give at least as much consideration to the needs of larger businesses as to those of smaller businesses. The proportion of Service sector businesses expecting to grow over the coming 12 months matches that for Production industries, with the Construction sector continuing to lag behind. Two in ten businesses expect to grow their turnover by 10 or more over the coming 12 months. These higher growth businesses are hard to spot, as they have surprisingly similar characteristics to businesses in general. While they tend to be small, private and recently-established firms, they do not skew to any particular industry sectors or geographic region. This represents a challenge to policy-makers seeking to direct support at firms with ambitions to expand. Higher growth businesses are more likely to be exporters expecting to grow overseas sales, which undoubtedly explains their high propensity to be more positive about globalisation than those not expecting to grow. The majority of growth in employment in the private sector is likely to be created by SMEs. Increasing profitability and turnover are the key objectives for businesses over the next 12 months. Improving risk management and reducing costs are objectives for larger firms. Attitudes to the business friendliness of the UK regulatory and tax environment have become less favourable since 2010, especially for medium-sized firms. Competition in the marketplace and customer demand are the other main challenges to business performance at this time, although some firms seem hopeful that the worst may be over with regard to customer demand. GLOBALISATION The perceived likely impact of continued globalisation remains more positive than negative, although the proportion of businesses believing that the overall impact will be negative has risen since The majority have some form of global business engagement, primarily through imports and exports, and this remains strongly related to company size. The proportion of exporters who report growth in international sales has recovered to 2007 levels but is not expected to rise over the next 12 months. Overall, 7 of non-exporters claim they are definitely planning to start exporting over the next two years. Businesses in the Production industries are more likely than those in Services to be globally engaged, with manufacturers more likely than businesses in other sectors to export or import. 2 UK Enterprise Survey Report 2011 Key Findings

5 CONTENTS Growth 5 Business growth 5 Higher growth businesses are hard to spot 8 Employment growth 10 Business objectives, opportunities and challenges 11 Export growth 17 Globalisation 21 Attitudes to globalisation 21 Technical appendix 24 Acknowledgements 25 Further details 25 Contents icaew.com/smeresearch 3

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7 Growth The UK needs growth to reflate the economy, generate tax revenue and to reduce unemployment, thereby contributing to a reduction in the public sector deficit. UK private sector turnover growth continues to recover from the depths of the recession, but it has not returned to 2007 levels. In the coming year roughly half of UK growth will come from large businesses. Two in ten businesses expect to grow their turnover by more than 10. BUSINESS GROWTH Since the recession the proportion of businesses reporting turnover growth over the last 12 months has recovered, though has not yet returned to the level seen in The same is true for gross profits. The proportions expecting growth over the coming 12 months are slightly above those reporting growth to date, suggesting that, overall, businesses foresee the next 12 months being better than the last. figure 1 REPORTED GROWTH AND EXPECTED GROWTH Turnover Gross profits Base: All businesses (2007: 1,247, 2008: 1,017, 2009: 1,004, 2010: 1,007, 2011: 1,010) Growth icaew.com/smeresearch 5

8 Both large and small businesses important for growth The proportion of businesses reporting growth over the last 12 months is consistent across small, mediumsized and larger firms. Roughly half of growth in the economy over the next 12 months will come from the UK s 5,890 1 large (250+ employee) firms. While small and medium-sized businesses do punch somewhat above their weight for their share of growth, the largest firms look likely to account for 45 of growth. This suggests that policy-makers need to consider the needs of larger and smaller businesses. FIGURE 2 ESTIMATE OF TURNOVER GROWTH BY COMPANY SIZE 2 Enterprises Turnover ( million) Share of Turnover Est. share of growth, next 12 months All small (1 49 staff) 1,187, , Medium (50-249) 26, , Large (250+) 5,890 1,651, Base: Businesses with 1+ employee SOURCE: BIS SME Stats 2009/ICAEW UK Enterprise Survey 2011 Growth equally likely in Production and Services Businesses from the Production industries are more likely than those from Services to have seen growth in their turnover over the last 12 months. However, over the coming 12 months, the proportion of Service sector businesses expecting to grow matches that for Production industries. Construction sector businesses are less likely than those across the rest of the economy to have seen any growth over the last 12 months, and that position looks likely to change little over the coming year, even though they are more bullish in their year-on-year forecast. FIGURE 3 PROPORTION OF BUSINESSES REPORTING AND EXPECTING GROWTH IN TURNOVER Over last 12 months Expected next 12 months All Businesses All Production Industries Manufacturing Construction All Service Industries Base: All businesses (1,010) 1 Source: BIS SME statistics Calculated by taking average percentage growth estimates based on businesses responses in the Enterprise Survey 2011 for different sizes of business and extrapolating from turnover data published by BIS in More detail included in the Technical Appendix. 6 UK Enterprise Survey Report 2011 Growth

9 Aside from Construction, in all industry sub-sectors within Production and Services, at least half of businesses expect their turnover to grow over the coming 12 months. The proportion of Banking, Finance & Insurance firms expecting to grow at all (70) is higher than in several other sub-sectors, though the proportion expecting to grow by 10 or more is in line with the UK average. FIGURE 4 PROPORTION OF BUSINESSES EXPECTING GROWTH IN TURNOVER NEXT 12 MONTHS All Businesses Increase 10+ Increase TOTAL All Production Industries Manufacturing & Engineering Construction All Service Industries Retail & Wholesale Transport & Storage Banking, Finance & Insurance Property Business Services All Other Services Base: All businesses (1,010) Growth icaew.com/smeresearch 7

10 Higher growth businesses are hard to spot FIGURE 5 CHARACTERISTICS OF FIRMS EXPECTING TO GROW THEIR TURNOVER OVER THE COMING 12 MONTHS firms expecting to grow Six in ten businesses expect to grow their turnover over the coming 12 months; two in ten by 10 or more. These higher growth firms have surprisingly similar characteristics to businesses in general. They tend to be small, private and recently-established firms, but do not skew to any particular industry sectors or geographic regions. Firms not expecting to grow About four in ten firms. As well as no turnover growth, most other financial performance indicators weak, especially employee growth. More likely than others to be focussed on increasing cash balances or paying down debt and reducing costs. Customer demand seems to have been particularly challenging over the last 12 months. Low incidence of exporting; and less likely to be positive on impact of globalisation. Firms expecting to grow by up to 10 About four in ten firms. Profitability not growth is main area of focus. Appear less concerned about customer demand than other businesses. Less likely than others to have issues with access to capital. More positive about globalisation than those not expecting to grow, and more likely to be exporters expecting to grow overseas sales. All Firms No Growth Any Growth Up to 10 Growth 10+ Growth Weighted Base 1, PROPORTION OF ALL FIRMS GROWTH OVER LAST 12 MONTHS IN: Turnover Gross profits Sales (Volume) Domestic sales Exports Inputs from abroad Capital investments Number of employees Staff development budget R&D budget GROWTH EXPECTED NEXT 12 MONTHS IN: Turnover Gross profits Sales (Volume) Domestic sales Exports Inputs from abroad Capital investments Number of employees Staff development budget R&D budget BUSINESS OBJECTIVES OVER COMING 12 MONTHS Increase profitability Increase turnover of the business Improve return on capital employed Reduce costs Manage risk more effectively Increase reward to shareholders or owners Increase cash balances/pay down debt MAIN BUSINESS OBJECTIVE OVER COMING 12 MONTHS Increase profitability Increase turnover of the business Increase cash balances/pay down debt Increase reward to shareholders or owners Improve return on capital employed Reduce costs Manage risk more effectively UK Enterprise Survey Report 2011 Growth

11 Firms expecting to grow by 10 or more All Firms No Growth Any Growth GREATER CHALLENGE TO BUSINESS PERFORMANCE V. 12 MONTHS AGO Upto 10 Growth 10+ Growth Customer demand Competition in the marketplace Late payment from customers Your access to capital Bank charges Your ability to expand into new areas Staff turnover Availability of management skills Availability of non-management skills EXPECT TO BE GREATER CHALLENGE OVER NEXT 12 MONTHS Competition in the marketplace Customer demand About two in ten firms. More likely than other firms to be increasing investment in R&D. Less likely to be seeking cost reduction and more effective risk management. Growth and profitability of equal concern. Customer demand appears to be less of a concern compared with the average business. Significant minority have seen access to capital and availability of management skills become greater challenges over last 12 months. More positive about globalisation than those not expecting to grow, and more likely to be exporters expecting to grow overseas sales. Late payment from customers Staff turnover Bank charges Your access to capital Your ability to expand into new areas Availability of management skills Availability of non-management skills ASSESSMENT OF UK REGULATORY AND TAXATION ENVIRONMENT Business friendly Not business friendly No opinion IMPACT OF GLOBALISATION ON BUSINESS PERFORMANCE OVER NEXT FIVE YEARS Positive Negative No overall impact OVERSEAS BUSINESS ACTIVITY Any international activity Outsource Offshore Export Exporters, expecting to grow exports Non-exporters not planning to start Import No overseas activity Base: Businesses with 1+ employee Firms expecting to grow by 30+ A small number of firms (c.5) expect this high rate of growth. The absolute number means that data is indicative only, however they are particularly likely to be small firms and recently established, to be focussed on turnover rather than gross profits growth, to have invested in R&D and to expect to be recruiting staff over the next 12 months. Exporting and growth There is a clear relationship between exporting and growth. Exporters more likely than non-exporters to have grown turnover and gross profits over the last 12 months. This growth is expected to continue over the next 12 months. Exporters also more likely than non-exporters to have seen high (10+) growth. However, over the next 12 months the proportion of exporters with growth above 10 of turnover is set to fall from 30 to 23. Growth icaew.com/smeresearch 9

12 INCREASE All Businesses Increase Micro 24 Employment growth Small Not change Decrease Medium 30 SMEs will drive employment growth Large Employment data analysis suggests that jobs growth in The largest businesses (1,000+ employees) are among the private sector will come primarily from SMEs rather the least likely to expect to grow headcount over the Very large than from larger businesses over the next 12 months. next 12 months, and they are as likely to shed jobs as they are 70to increase 80 them FIGURE 6 PLANS FOR NUMBER OF EMPLOYEES NEXT 12 MONTHS Increase Not change Decrease NET INCREASE All Businesses Micro Small Medium Large Very large Base: All businesses (1,010) This suggests that there will be limited employment growth in large firms (all with 250+ employees) over the coming 12 months, whereas among SMEs the total number of jobs will grow more significantly. So even though large businesses account for about half of UK employment, they will account for less than 10 of employment growth over the next 12 months. FIGURE 7 ESTIMATE OF EMPLOYMENT GROWTH BY COMPANY SIZE 3 Enterprises Employment ( 000s) Share of employment Est. share of employment growth, next 12 months All small 4 (5 49 staff) 391,670 4, Medium (50 249) 26,905 2, Large (250+) 5,890 9, Base: Businesses with 5+ employees SOURCE: BIS SME Stats 2009/ICAEW UK Enterprise Survey This estimate of the share of growth by company size has been calculated taking the same approach as described for turnover growth (see Figure 2). 4 Firms under five employees excluded, to give a more accurate estimate of the distribution of employment growth. 10 UK Enterprise Survey Report 2011 Growth

13 Business objectives, opportunities and challenges Profitability is generally the main focus for businesses over the next 12 months and they are most likely to see expansion into new markets as their greatest opportunity. Business opinion is fairly evenly split over whether the UK regulatory and tax environment is business friendly. Increasing profitability and turnover are key business objectives Increasing profitability and turnover are the key objectives for businesses over the next 12 months. Although increasing cash balances/paying down debt is a concern for fewer businesses, for 15 overall, it is their main focus. The prioritisation of these business objectives is similar across different industry sectors. Increasing profitability is considerably more likely than other objectives to be the main aim of nearly all business sizes, especially medium-sized firms (41). FIGURE 8 BUSINESS OBJECTIVES OVER NEXT 12 MONTHS Objective Main objective Increase profitability Increase turnover Improve return on capital employed Reduce costs Manage risk more effectively Increase reward to shareholders/ owners Increase cash balances/pay down debt Base: All businesses (1,010) Growth icaew.com/smeresearch 11

14 Risk management and cost reduction more important to larger firms While less likely to be their prime objective, improving risk management and reducing costs tend to feature more among the objectives of larger firms than among those of smaller firms. The very large firms are more likely than others to hope to increase rewards to owners or shareholders. FIGURE 9 BUSINESS OBJECTIVES OVER NEXT 12 MONTHS Micro Small Medium Large Very large Increase profitability Increase turnover Improve return on capital employed Reduce costs Manage risk more effectively Increase reward to shareholders/ owners Increase cash balances/pay down debt Base: All businesses (1,010) Business opportunities Businesses told us what they see as their single greatest opportunity for the coming year. The most frequently mentioned were: About a third of those mentioning new markets specified that these would be overseas markets. new markets/new customers about one in three respondents; increase market share mentioned by about one in six; and product development/new products mentioned by one in eight. 12 UK Enterprise Survey Report 2011 Growth

15 Regulation and the tax environment is considered to be less business friendly now than 12 months ago Overall, business opinion is now fairly evenly split on whether the UK regulatory and tax environment is business friendly and therefore presumably supportive of growth; a change from 2010, when attitudes were more positive. In 2010 an improvement had been seen compared to the previous year, with the proportion rating the UK environment as business friendly having risen. This trend did not continue into 2011, with the balance swinging back to firms being more likely to be negative rather than positive in their assessment. FIGURE 10 ATTITUDE TO UK REGULATORY AND TAX ENVIRONMENT Business friendly Not business friendly May not total 100 due to Don t Knows Base: All businesses (2007: 994, 2008: 1,005, 2009: 956, 2010: 951, 2011: 1,010) The Enterprise Survey 2010 took place soon after the coalition government came to power, so the improvement seen last year may have been partly due to anticipation of more policy focus on supporting the needs of business. The deterioration this year does also coincide with the start of a particularly heavy period for new legislation being scheduled to come into force, including several major changes in employment regulations a mix of UK and EU legislation. FIGURE 11 LEGISLATION SCHEDULED TO COME INTO FORCE DURING 2011 UK Removal of default retirement age Right to request flexible working Additional paternity leave and pay Employers national insurance changes Immigration cap National minimum wage increase EU Agency workers directive Recast European works council directive Growth icaew.com/smeresearch 13

16 Medium firms no longer positive about regulation and tax environment Overall, small and medium-sized enterprises (SMEs) tend to be less positive about the regulatory and tax environment than larger firms, a pattern which has been consistent for some time. The overall improvement seen between 2009 and 2010 was driven by a significant rise for medium-sized firms. This has not been maintained, and now mediumsized firms are no more likely to feel positively about the regulatory and tax environment than they did in In contrast to all other sizes of business, those with employees are now more positive about the regulatory and tax environment than they were last year. FIGURE 12 UK REGULATORY AND TAX ENVIRONMENT RATED BUSINESS FRIENDLY BY SIZE OF BUSINESS Micro Small Medium Large Very large Base: All businesses (1,010) Construction and production businesses are more likely than those in the Service sector to rate the UK tax and regulatory environment in 2011 as business friendly. FIGURE 13 UK REGULATORY AND TAX ENVIRONMENT RATED BUSINESS FRIENDLY BY INDUSTRY SECTOR All Businesses 44 All Production Industries 50 Manufacturing & Engineering 50 Construction 54 All Service Industries 41 Base: All businesses (1,010) 14 UK Enterprise Survey Report 2011 Growth

17 In the ICAEW Global Enterprise Survey , members based overseas were asked to assess the businessfriendliness of the regulatory and tax environment in the countries where they are based. Attitudes to the UK regulatory and tax environment in the UK are a little less positive than those for other regions, while The Gulf and Asia-Pacific stand out as being viewed particularly positively. FIGURE 14 ATTITUDE TO NATIONAL REGULATORY AND TAX ENVIRONMENT Total business friendly Total not business friendly UK Europe (excl UK) Americas Asia-Pacific The Gulf Africa Base: All businesses (2,080) 5 The Global Enterprise Survey 2011 includes responses from ICAEW members working in the Americas, Asia-Pacific, The Gulf, Africa and Europe. Growth icaew.com/smeresearch 15

18 Customer demand and competition are also challenges to business performance Of the other factors considered in this year s UK Enterprise Survey, customer demand and competition in the marketplace have been challenges for many over the last 12 months, and look set to remain so. However, over the next 12 months, competition is expected to become a greater challenge, as some firms seem hopeful that the worst may be over with regard to customer demand. While late payments is less likely than customer demand or competition to be expected to become a greater challenge over the next 12 months, one in five firms are anticipating greater challenge in this respect. FIGURE 15 CHANGE IN IMPACT OF CHALLENGES TO BUSINESS PERFORMANCE Greater challenge Compared with 12 months ago Expected next 12 months Competition in the marketplace Customer demand Late payment from customers Your access to capital Compe Base: All businesses (1,010) Most of these challenges to business performance are similarly important across different industry sectors, and across different sizes of firm. Smaller firms are more likely than large firms to report late payments and access to capital to have become greater challenges over the last 12 months. 16 UK Enterprise Survey Report 2011 Growth

19 Export growth EXPORTING NOT RELATED TO BUSINESS SIZE The overall proportion of survey respondents who export has been constant at since 2007, except in in 2009 when it dipped to 39, presumably due to the global financial crisis. Over four in ten UK businesses (44) currently export. The trend for exporting is similar across different sizes of business. FIGURE 16 TREND IN EXPORTING BY COMPANY SIZE All Businesses Micro Small Medium Large Very large Base: All businesses (2007: 994, 2008: 1,005, 2009: 956, 2010: 951, 2011: 1,010) Growth icaew.com/smeresearch 17

20 The proportion of exporters who report growth in their exports has now recovered to 2007 levels. Nearly six in ten exporters (59) increased their exports over the last 12 months. FIGURE 17 REPORTED EXPORT GROWTH AND EXPECTED EXPORT GROWTH Exports Growth expected over 12 months from 2011 Base: 444 exporters This rise in export activity is not set to continue; the proportion anticipating exports will increase over the next 12 months is flat compared to the proportion who saw growth over the last 12 months. Seven percent of non-exporters have definite plans to start selling their goods or services internationally over the next two years, with little variation by sector. In addition, the proportion of exporters expecting high (10+) turnover growth in the coming 12 months (23) is significantly lower than the proportion reporting this level of growth over the last 12 months (30). Exporting clearly linked to growth, particularly for small firms There is a relationship between exporting and growth. Businesses who export are more likely than non-exporters to report that their turnover and their gross profits grew over the last 12 months. This trend is expected to continue, with exporters more likely than non-exporters to expect turnover and profits growth over the next 12 months. FIGURE 18 EXPORTERS vs NON-EXPORTERS REPORTING/EXPECTING GROWTH Exporters GROWTH LAST 12 MONTHS GROWTH EXPECTED NEXT 12 MONTHS Non-exporters Turnover Gross Profits Turnover Gross Profits Base: All businesses (1,010) The link between exporting and growth in turnover and gross profits is evident among all sizes of firm, and is particularly marked among small firms. 18 UK Enterprise Survey Report 2011 Growth

21 FIGURE 19 EXPORTERS vs NON-EXPORTERS turnover GROWTH BY SIZE OF BUSINESS 6 Exporters Non-exporters Turnover Gross Profits Turnover Gross Profits Turnover Gross Profits Turnover Gross Profits Small Medium Large Very large Base: All businesses except micros 1,010 Exporters would value sector and country market intelligence Current exporters and those planning to start exporting in the next two years point to market intelligence for particular sectors or countries, and details of commercial laws such as product regulations as being among the most helpful types of information for them. FIGURE 20 INFORMATION NEEDS OF EXPORTERS AND POTENTIAL EXPORTERS Market intelligence for particular sectors 30 Market intelligence for particular countries 26 Details of commercial laws such as product regulations 23 Cultural and social conditions 15 Taxes in the target market 14 Demographics, basic economic information 12 Financing options 10 Base: 528 current or potential exporters 6 Micro (less than 10 employees) firms are not shown due to low base. Growth icaew.com/smeresearch

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23 globalisation Almost six in ten businesses have any outbound global engagement, that is sell goods/services abroad, outsource to overseas suppliers or have business operations overseas ( offshore their business operations). If inputs from abroad (imports) is included, the proportion with any international business activity increases to nearly seven in ten firms. Attitudes to globalisation Largest firms most positive about globalisation Almost half of businesses remain positive about the likely impact of continued globalisation, although the proportion with a negative outlook has risen from 5 in 2010 to 11 in This is true for both globally-engaged businesses and those who do not trade internationally at the moment. Attitudes to the likely impact of continued globalisation vary somewhat across different sizes of firm with the smallest most likely to expect no impact (they are likely to have less exposure to international business activities), and the largest most likely to expect a positive impact. Medium-sized firms are more likely than others to expect a negative impact of globalisation. FIGURE 21 ANTICIPATED IMPACT OF GLOBALISATION by size Positive impact No overall impact Negative impact All Businesses Micro Small Medium Large Very large Base: All businesses (1,010) Globalisation icaew.com/smeresearch 21

24 The Construction and Property sectors are least likely to feel that the continued globalisation of markets will have any impact on their business, and businesses in the Production industries are more likely than Service sectors to be positive about the impact of globalisation. FIGURE 22 ANTICIPATED IMPACT OF GLOBALISATION by sector Positive impact No overall impact Negative impact All Businesses All Production Industries Manufacturing & Engineering Construction All Service Industries Retail & Wholesale Transport & Storage Banking Finance & Insurance Property Business Services All Other Services Base: All businesses (1,010) 22 UK Enterprise Survey Report 2011 Globalisation

25 Largest firms have widest range of global engagement The propensity to be globally engaged remains strongly related to company size. FIGURE 23 GLOBAL ENGAGEMENT BY SIZE OF BUSINESS All Businesses Micro Small Medium Large Very large *Globally engaged *Any international activity Outsource Offshore Export Inputs from abroad Base: All businesses (1,010) *Globally engaged describes firms which export, outsource or offshore. International activity can also include importing. One quarter (24) of the very largest businesses included in the 2011 survey are listed outside the UK. This partly explains why they are not only more likely than smaller businesses to have any global engagement, but are also more likely to be involved in multiple forms of international trade. Many firms have several forms of global engagement. One quarter (24) of businesses with 1,000+ employees engage in three of the four international activities explored in this survey and one in ten (11) in all four of them, both significantly higher than small and medium-sized enterprises. Manufacturers lead for exporting Manufacturers are more likely than businesses in other industry sectors to engage in international business activity, particularly to export and import. FIGURE 24 INTERNATIONAL BUSINESS ACTIVITY BY INDUSTRY All businesses Manufacturing & Engineering Construction All Service Industries Any international activity Outsource Offshore Export Import No international activity Base: All businesses (1,010) Globalisation icaew.com/smeresearch 23

26 Technical Appendix During the period 7 June to 6 September 2011, Kudos Research conducted 1,010 telephone interviews on ICAEW s behalf with a cross-section of ICAEW members working in industry and commerce in the UK. The mix of types of businesses contacted was controlled for company size (no. of employees), regional location and industry sector to ensure statistically reliable data in key sub-groups. The purpose of the study was to look at the following issues that impact businesses in the UK today: business growth, objectives and influences, including the impact of regulatory issues; and the impact of globalisation on UK businesses. Data have been weighted so the profile of the survey sample accurately represents the UK economy (by value) for size, region and sector. Target weights for sector and region were derived from Office for National Statistics published data on GVA (Gross Value Added) Weights for company size are based on turnover data for start 2007 published by the Small Business Analytical Unit of the Department for Business, Innovation and Skills (BIS). All data shown in the charts and references in the text are based on the weighted totals shown below. Size of organisation Wtd Unwtd Industry sector Wtd Unwtd Region Wtd Unwtd Micro (0-9 employees) Agriculture, Forestry and Fishing 8 8 London Small (10-49) Primary & Energy South East (excl London) Medium (50-249) Manufacturing & Engineering South West Large ( ) Construction East England Very large (1,000+) Retail & Wholesale East Midlands Hotels & Catering West Midlands Transport & Storage North West Communications Northern England Banking, Finance & Insurance Yorks & Humber Property Scotland Business Services Wales IT Northern Ireland 1 2 Health & Education Other services ALL PRODUCTION ALL CONSTRUCTION ALL SERVICES Analytical approach used in estimating growth shares The estimates of the breakdown of growth in turnover and employee numbers shown in figures 2 and 6 are extrapolations. These use average percentage growth estimates based on businesses responses in the current Enterprise Survey for different sizes of business, and 2009 private sector turnover and employment data from BIS. It is assumed that the relative proportions for turnover and employee numbers by company size will have remained similar from 2009 to For the turnover estimate, businesses with no employees (which account for the vast majority of business entities in the UK economy, though only 7 of total turnover of all businesses) have been excluded as the Enterprise Survey does not reach these very small businesses. For the employment estimates, we have excluded firms with fewer than five employees as we believe this produces a more accurate estimate of the distribution of employment growth. 24 UK Enterprise Survey Report 2011 Technical Appendix

27 Acknowledgements Ruth Betts This report was prepared with the assistance of Ruth Betts BSc MMRS, of RBMR Consulting. Ruth is a freelance market research consultant, living and working in London EC1. She works with ICAEW as well as a range of other clients particularly in the business and professional services, and technology sectors. Kudos Research Interviewing and data analysis was undertaken by Kudos Research. Kudos Research specialises in premium quality, custom-tailored UK and international data collection, as well as data analysis and research advisory services. Kudos Research interviews customers, stakeholders, business leaders and opinion formers across the globe, online and by telephone, as well as recruiting them for focus groups and depth interviews. Further Details For more information or to download a copy of the UK Enterprise Survey Report 2011 visit icaew.com/smeresearch or contact Clive Lewis T +44 (0) E REGIONAL UK ICAEW OFFICES East England Region T +44 (0) E Northern Region T +44 (0) E Wales Business Centre T +44 (0) E East Midlands Region T +44 (0) E South East Region T +44 (0) E West Midlands Region T +44 (0) E London Region T +44 (0) E South West Region T +44 (0) E Yorkshire & Humberside Region T +44 (0) E North West Region T +44 (0) E Scotland T +44 (0) E Acknowledgements/Further Details icaew.com/smeresearch 25

28 About SAP As market leader in enterprise application software, SAP (NYSE: SAP) helps companies of all sizes and industries run better. From back office to boardroom, warehouse to storefront, desktop to mobile device SAP empowers people and organizations to work together more efficiently and use business insight more effectively to stay ahead of the competition. SAP applications and services enable more than 172,000 customers (includes customers from the acquisition of Sybase) to operate profitably, adapt continuously, and grow sustainably. For more information, visit ICAEW ICAEW is a professional membership organisation, supporting over 136,000 chartered accountants around the world. Through our technical knowledge, skills and expertise, we provide insight and leadership to the global accountancy and finance profession. Our members provide financial knowledge and guidance based on the highest professional, technical and ethical standards. We develop and support individuals, organisations and communities to help them achieve long-term, sustainable economic value. Because of us, people can do business with confidence. ICAEW Chartered Accountants Hall Moorgate Place London EC2R 6EA UK T +44 (0) E icaew.com/smeresearch linkedin.com find ICAEW twitter.com/icaew facebook.com/icaew 26 ICAEW MKTPLM /11

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