The annual studySmall business, great opportunities” carried out by Sage to almost 12,000 SMEs around the world, including 1,000 in Spain, reveals that Spanish SMEs lead growth worldwide, in line with the forecasts of international organizations, such as the IMF, which place the growth of the Spanish economy at 2.9% by 2024.
The figures reveal that more than half of Spanish SMEs (58%) increased their income in the last yeara figure higher than the world average of 45% and above the 32% that did so in 2023. What’s more, 6 out of 10 Spanish SMEs have found it easy to grow or scale their businesses, compared to 50% global level.
This growth is reflected in the optimism that SMEs have about the success of their businesses, which is at an all-time high, since almost 86% of SMEs worldwide trust in their success, compared to 80% who do. did in 2023. Spain, and for the second consecutive year, also leads in confidence in its businesseswith 88% of SMEs confident in the success of their businesses and 85% stating that they are highly satisfied with their productivity, again the highest figure among all the countries surveyed.
The main factors driving this confidence among Spanish SMEs are the improvement of their operational efficiency (52%), the increase in consumer spending (51%), and the adoption of new technologies (51%). This growth is expected to continue over the next 6 months. This is what 78% of Spanish SMEs believe, despite the fact that more than half (60%) also believe that costs will increase next year, although they remain optimistic.
«SMEs are the foundation of our economy, fostering innovation, creating jobs and unlocking economic growth. The confidence and growth we are seeing among SMEs is a testament to their ingenuity, resilience and adaptability. Governments have an important role to play in creating an enabling environment for their development, through targeted interventions to facilitate access to affordable finance and promote digital transformation“, highlights José Luis Martín Zabala, Manager Director of Sage Iberia.
The adoption of digital technologies opens the door to great benefits for SMEs
The adoption of digital technologies has become a growth factor and is bringing significant benefits to SMEs. 9 out of 10 Spanish SMEs consider that investing in technology is an important factor for the growth of their businesses and for 93% it is one of the reasons for the increase in their income.
This explains why Spanish SMEs are the most likely in the world to report benefits from this investment in technologies, including improved productivity (57%), boosting innovation (46%) and a better experience for their customers. (39%).
Spanish SMEs lead the growth race: they place their confidence, productivity and increased income above the rest of the world
Investing in technology is already a priority for Spanish SMEs, the majority of which (86%) are satisfied with the current variety of digital skills that their businesses have. Leading this digitalization is also allowing Spanish SMEs to be the most aware that investing in technology allows them to dedicate more time to creative tasks or tasks of greater value to the business, something confirmed by 78% of Spanish SMEs, compared to 71%. % worldwide.
It is expected that the investment in digitalization made by SMEs in recent years, especially by national ones, will continue to rise in the next 12 months, since 77% of Spanish SMEs expect to increase their investments in digital technologieswell above the 65% world average
The role of Public Administration, fundamental to overcome barriers and promote digitalization
Despite the good results and expectations, SMEs continue to have difficulties coping with increased costs. Financial pressures, including cash and liquidity problems, as well as increased operating costs, are the main concerns for one in two Spanish SMEs (57%). Other concerns include cybersecurity incidents (32%), the ability to hire and retain qualified workers (31%), and limited access to financing (29%)
Government intervention is essential to address these obstacles, improving access to affordable financing and simplifying billing processes through digitalization. 39% of Spanish companies that do not trust their performance cite the lack of public aid as the main reason for concern.
Spanish SMEs demand more government support to move their businesses forward than their global counterparts, considering that the Government should prioritize tax incentives and reliefs (51%), increase access to affordable financing (47%) and increase training and skills development opportunities (43%).
E-invoicing is a key area where governments can make a difference in their support for SMEs. 8 out of every 10 Spanish SMEs support the introduction of national measures for the adoption of electronic invoicesabove the global figure of 77%. Only 5% of Spanish SMEs oppose this measure.
