# Financial services businesses ‘most prepared’ for future Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2019-02-20 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: New Research Shows SMEs Prioritising Resilience in Meta Description: New research shows that financial SMEs are prioritising resilience, with 71% already investing in it and 20.4% planning to do so in the next year. Learn more. URL: https://financedigest.com/financial-services-businesses-prepared-futurehtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/service-1736839152528-compressed.jpg) _New research shows that SMEs are focused on building resilience as a priority_ Businesses in the financial services (FS) sector are preparing most for the future, as research shows that FS SMEs have invested the most in their resilience. The stats from research conducted by SME funding partner [Ultimate Finance](http://www.ultimatefinance.co.uk/) found that almost three quarters (71%) of financial SMEs have invested in resilience in some form over the last 12 months – compared with an industry average of 58% – while another 20.4% are planning on doing so in the next year. With recently released [statistics](https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/774327/Commentary.pdf) outlining that the number of company insolvencies has reached the highest level since 2014, increasing in 2018 to 16,090 it’s time for businesses to take action and ensure they are resilient to manage future challenges. The research revealed: - 82% feel that a lack of UK [economic resilience](https://www.financedigest.com/building-economic-resilience-in-tough-times.html "Building Economic Resilience in Tough Times") will have a negative impact on their business, due to Brexit and sluggish growth - A third (37%) felt that building their professional resilience was [key to their success](https://www.financedigest.com/mvp-for-startups-the-key-to-success.html "MVP for startups: the key to success") - Financial [SMEs agreed that training for staff was the most important](https://www.financedigest.com/the-importance-of-networking-for-smes.html "The Importance of Networking for SMEs") area to invest in, for future growth Questioning 1,000 SMEs across a broad range of sectors, Ultimate Finance, alongside independent research company 3Gem, found that small business owners and managers in the [financial services](https://www.financedigest.com/the-future-for-financial-services-is-digital-engagement.html "The future for financial services is digital engagement") sector are taking steps to protect their company against challenges such as cashflow problems, employment issues, Brexit and contending against larger competitors. Steve Noble, Chief Operating Officer, Ultimate Finance commented: “We often think of resilience as the ability to [bounce back](https://www.financedigest.com/flutter-q1-revenues-jump-29-as-u-s-races-ahead-uk-bounces-back.html "Flutter Q1 revenues jump 29% as U.S. races ahead, UK bounces back") from disaster but that doesn’t cover the whole story. Resilience is also about being [prepared and guarding against future challenges](https://www.financedigest.com/from-fragmented-systems-to-unified-cpm-unicredit-prepares-for-todays-finance-challenges.html "FROM FRAGMENTED SYSTEMS TO UNIFIED CPM – UNICREDIT PREPARES FOR TODAY’S FINANCE CHALLENGES") as well as having the courage to ask for advice and support when making plans to tackle whatever is potentially on the horizon. “We know from our work with thousands of small businesses, that SMEs are starting to take [measures to improve their resilience and our research](https://www.financedigest.com/havas-media-group-partners-with-lumen-research-to-measure-and-optimise-attention-at-global-scale.html "Havas Media Group Partners with Lumen Research to Measure and Optimise Attention at Global Scale") substantiates it. As Brexit looms and the British economy remains on shaky ground, SMEs in the financial services sector are preparing for the worst while getting on with every [day business](https://www.financedigest.com/nz-aussie-dlrs-have-busy-day-fed-minutes-loom.html "NZ, Aussie dlrs have busy day, Fed minutes loom"). Essentially, they are demonstrating the very essence of what it means to be resilient, as they attempt to [overcome challenges](https://www.financedigest.com/overcoming-challenges-faced-in-business-from-one-woman-to-another.html "Overcoming challenges faced in business: from one woman to another"). Yet they are time poor and often resource light, which can limit their capability to [build their resilience in a way that truly safeguards their future](https://www.financedigest.com/metas-zuckerberg-unveils-ai-projects-aimed-at-building-metaverse-future.html "Meta’s Zuckerberg unveils AI projects aimed at building metaverse future"). Our aim is to highlight the challenge and [provide resources](https://www.financedigest.com/new-isla-standards-provide-the-foundation-for-resource-optimisation-efficiency-and-risk-mitigation.html "New ISLA Standards Provide the Foundation for Resource Optimisation, Efficiency and Risk Mitigation") that will be genuinely useful for SMEs up and down the country.” Prior Ultimate Finance research highlighted how [business owners didn’t know who to turn to when they needed](https://www.financedigest.com/setting-up-a-business-in-the-uk-heres-what-you-need-to-know.html "Setting up a business in the UK? Here’s what you need to know.") support, and this same issue applies to resilience. To support this, Ultimate Finance is launching a campaign and business hub providing tools, information and support to SMEs looking to build their resilience in [key areas of their business](https://www.financedigest.com/foot-orthotic-insoles-market-to-generate-us-5-billion-by-2026-growth-key-business-strategies.html "Foot Orthotic Insoles Market to Generate US$ 5 Billion by 2026 | Growth & Key Business Strategies"), and also offer fast and easy ‘hacks’ to doing business better. To find out more, visit the Business Resilience hub: [https://www.ultimatefinance.co.uk/resilience](https://www.ultimatefinance.co.uk/resilience) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---