Finance for Small and Medium-Sized Enterprises - DTI Home Page

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Finance for Small and Medium-Sized Enterprises: A Report on the 2004 UK Survey of SME Finances This survey sheds further light on issues relating to competition. We are able to look at: the degree of market concentration in the supply of financial services to SMEs; the extent to which businesses use multiple providers of finance; the extent of switching between banks and the motivation for switching – price or general service; the degree of satisfaction of businesses with their current bank; and the likelihood of switching in the future. The key issue here is whether dissatisfaction, with prices or other aspects of the bank’s service, increases the likelihood of switching in the future, or whether the nature of the bank-borrower relationship leads to inertia. This is an important step in understanding how businesses are likely to respond to government interventions designed to increase competition. 31
Finance for Small and Medium-Sized Enterprises: A Report on the 2004 UK Survey of SME Finances 2 CONTEXTUAL DATA ANALYSIS We start the data analysis by setting the context for the subsequent analysis of finances. This context includes business and principal owner characteristics; sources of financial advice; self-reported abilities in various aspects of running the business, including financial abilities; and the problems faced by businesses, including financial problems. Comparisons, with existing data on business characteristics, in the UK (SBS, 2003) and the US (Bitler et al., 2001) are also reported. 2.1 Business characteristics We look firstly at the characteristics of the businesses in SMEF. This analysis is started by looking at some general business characteristics before turning to more specific characteristics. A full tabulation of business characteristics is reported in the Appendix to Section 2, Table A2.2.1. General Business Characteristics Firstly we look at the size distribution of SMEs using the following measures of size: number of employees; turnover; and assets. Figure 2.1.1: Business Size Distribution (employees) 65% 60% 55% 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 0 1-9 10-49 50-249 Number of employees Ba se: All businesses reporting employment N = 3,625,416 (Unweighted N=2,500) p 32
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