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56% of SMEs don't trust big corporations to understand their challenges

Martin Greenland | 16:58 Wednesday 4th April 2018

Some 56% of SMEs don't trust big corporations when it comes to understanding their business challenges, according to a new report.

The SMEs: Smallish Misunderstood Enterprises report by Adaptive Lab revealed that a lack of empathy and generic product offering from large corporations drives dissatisfaction and barriers to growth for the SME sector.

The report – which was based on a survey of 500 SMEs across the UK – also found that over half of SMEs (51%) would be happy to work with a disruptive challenger business.

The findings highlighted that 59% of business owners surveyed felt that services offered by corporate service providers are 'one-size fits all' and not tailored to their needs.

Over 60% of the high ambition businesses claimed that they felt underserved and undervalued by their big service providers, while more than half (55%) of mid-ambition SMEs believe that large corporate service providers often make them feel small and unimportant.

Chris Moisan, principal at Adaptive Lab, said: “Most service providers approach the SME segment as a homogeneous community, ignoring their diversity and unique needs.

“Is the definition of an SME still fit for purpose?

“The small- and medium-business sector is a mighty force in our economy.

“The opportunities are huge for any business willing to rethink their approach and reimagine services for SMEs, so we wanted to better understand the issues and scope of possibilities for both sides.”

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