# Yorkshire Bank reveals five key challenges SMEs face in the year ahead Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2019-02-21 Category: BUSINESS Category URL: https://financedigest.com/category/business Meta Title: New Research by Yorkshire Bank and Telegraph Spark on SME Meta Description: Discover key insights on finance, tech, HR, Brexit, & more. Join the discussion on the future of small businesses in 2019. URL: https://financedigest.com/yorkshire-bank-reveals-five-key-challenges-smes-face-year-aheadhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/five-key-1736839151920-compressed.jpg) Yorkshire Bank, part of CYBG, has commissioned new research in partnership with Telegraph Spark, the commercial content arm of The Telegraph, to investigate the key challenges facing SMEs today in areas including finance, tech, HR, Brexit and other political issues. The research launched during a breakfast event for SMEs at Yorkshire Bank’s innovative new store – B Works – on Wednesday 20th February. Hosted by Nicholas Owen, ex BBC correspondent, the panel discussed the key challenges that smaller businesses will face in 2019 – a year that will see an increasing millennial workforce, the prospect of international trade disruptions, disruptive technologies and ongoing political uncertainty. **[Key research](https://www.financedigest.com/nitrate-free-bacon-market-industry-research-segmentation-key-players-analysis-and-forecast-to-2029.html "Nitrate-Free Bacon Market Industry Research, Segmentation, Key Players Analysis and Forecast to 2029") highlights:** - Brexit - 39% of British SMEs say [leaving](https://www.financedigest.com/societe-generale-says-two-senior-executives-to-leave-bank.html "Societe Generale says two senior executives to leave bank") the EU will make them worse off – but the same percentage say they will be unaffected, which is encouraging - The [manufacturing sector](https://www.financedigest.com/expansion-in-manufacturing-sector-has-increased-demand-for-industrial-cooling-system-market.html "Expansion In Manufacturing Sector Has Increased Demand For Industrial Cooling System Market") shows the highest level of concern about Brexit, with 47% believing they will be worse off after leaving the EU - Technology - 58% of [firms believe their level of investment in technology will stay](https://www.financedigest.com/oil-prices-stay-firm-on-fuel-demand-despite-covid-19-surge.html "Oil prices stay firm on fuel demand despite COVID-19 surge") the same this year, 23% expect to increase and just 8% expect investment to reduce - 70% of decision-makers had a clear grasp of their firm’s tech capabilities - Finance - 43% SMEs say they switch lenders for better [interest rates](https://www.financedigest.com/london-stocks-slip-ahead-of-key-interest-rate-decisions.html "London stocks slip ahead of key interest rate decisions") and fee tariffs - 73% [say they have sufficient or fairly sufficient access to finance](https://www.financedigest.com/boohoo-says-exposure-to-sterling-plunge-is-limited-finance-chief.html "Boohoo says exposure to sterling plunge is limited – finance chief") - Infrastructure - Overall, 25% of [businesses surveyed](https://www.financedigest.com/date-palm-market-detailed-survey-on-key-trends-leading-players-business-opportunities-2026.html "Date Palm Market – Detailed Survey On Key Trends, Leading Players & Business Opportunities 2026") think that the availability of affordable housing is good in their region - London-based businesses cited the highest levels of dissatisfaction, with 65% [saying availability of affordable housing](https://www.financedigest.com/uk-house-prices-speed-up-but-slowdown-coming-nationwide-says.html "UK house prices speed up but slowdown coming, Nationwide says") was poor - In contrast, more than half of North East businesses surveyed said availability of affordable housing was good - HR - 41% of SMEs in Yorkshire & Humber struggled to find new recruits - SMEs in Scotland, the East and the Midlands said they were more likely to have difficulties [recruiting skilled staff](https://www.financedigest.com/uk-firms-cut-hiring-of-permanent-staff-recruiters-survey-shows.html "UK firms cut hiring of permanent staff, recruiters’ survey shows") Graeme Sands, Business Banking, Corporate &Mid Market Director at Yorkshire [Bank said, “The report launched today](https://www.financedigest.com/stress-testing-why-did-my-bank-go-bust-today.html "STRESS-TESTING – WHY DID MY BANK GO BUST TODAY? ") _reveals generally positive news. Despite an uncertain backdrop, particularly as SMEs [face 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") around technology, sourcing talent and an ever-changing political landscape, smaller businesses seem fairly stable. Future success will depend on their ability to deliver services consistently and efficiently, tapping into a range of [funding sources](https://www.financedigest.com/nissan-pushes-partner-renault-to-sell-down-stake-may-raise-funds-source.html "Nissan pushes partner Renault to sell down stake, may raise funds -source"), developing skills where necessary and embracing innovation and change.”_ --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---