2011 a Challenging Year for SMEs

Most small and business owners consider 2011 to be a rather challenging business year. According to the Baker Tilly Outlook 2011 survey, business owners considered fall in demand and competitors who charge lower rates as the most worrying issues. A survey by YouGuv reported the 20% increase in VAT to be another issue that has entrepreneurs concerned. SME owners intend to meet this challenging year with interesting business strategies. This includes joint ventures, new products and services and expansion into new markets. It is important for businesses to use the internet effectively in order to reach out to their target audiences.