Europe’s mid-sized businesses (MSBs) are calling for more government and lender support as 70 per cent believe they suffer ‘middle child syndrome’, according to new research commissioned by Ricoh Europe.
Not only do MSBs feel cut-off from the provisions made for start-ups and small businesses, many lack the capabilities of large enterprises to cope with complex and costly regulation. To compete effectively, 76 per cent of MSBs want legislators to create a landscape where they can drive their growth agenda, resulting in a stronger European economy.
The research found 67 per cent of MSBs struggle to compete with new market entrants and large enterprise organisations. 71 per cent also said that they face greater risk of failure due to difficultly in accessing finance.
David Mills, CEO of Ricoh Europe said, “Europe’s mid-market is full of energy, both in terms of growth and ambition. Governments, regulators and lenders need to consider how they best support these dynamic businesses to the benefit of the broader economy. Large numbers of MSBs want to deploy technology, launch new services and hire talent. If regulation and policy continues to hold them back, Europe’s MSBs will find it near-impossible to become the next technology or business giants.”
The research reveals that MSBs have a range of priorities for the next two years. The top three are launching new products or services (30 per cent), managing growth (28 per cent) and the use of innovative technology (28 per cent).
David added, “Europe’s 75,0001 MSBs are responsible for 30 per cent of the annual revenue generated by European businesses. Governments and lenders need to work hand-in-hand with the mid-market to promote growth and innovation across Europe. This is a crucial element needed for Europe to continue to be a global leader in innovation and remain competitive with established and emerging economies.”
Find out more at www.ricoh-europe.com/thoughtleadership.