SMEs outline opportunities An annual poll of 500 SME owners by AXA has identified the key opportunities for such firms in 2023. It was shown that many are diversifying revenue streams through new sales channels. Firms are also looking to capitalise on increased consumer awareness about the benefits of using small businesses and securing cost savings, such as reducing fixed costs. SMEs also flagged the opportunities that expanding into new locations and opening branches can offer. It was also shown that 58% of SME owners have reached their main business goal since starting out, with 22% saying they aimed to be their own boss and 14% aiming to improve their work/life balance. Reflecting on the findings, Deepak Soni, director of SME business insurance at AXA UK, said: “Small business owners seem less concerned about benefitting from the demise of competitors, focusing instead on launching new products and services and reaping the benefits of clients returning to the market.”