Small Business News | SMEs Can Grow Four Fold by Listening to Customers

Advice from customers has the biggest positive impact on UK small business growth yet almost half are missing out on this valuable insight, a new study revealed today.

The research by academics at Kingston University, commissioned by Royal Mail, has revealed that 44 percent of small and medium sized businesses are not tapping into the knowledge of their customers. But of those SMEs that do seek the customer view, 65 percent said their advice was important or even crucial, ranking it as the advice source that has the most business impact. It revealed that over the past three years, 51 percent of businesses experiencing falling turnover and more than half of businesses experiencing falling employment (53 per cent) did not seek advice from customers.

The study goes onto suggest that the UK’s small and medium sized businesses could accelerate their growth potential by nearly four times by making better use of available advice and support services, in particular by tapping into valuable informal networks. Read more about this news on Fresh Business Thinking.

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