SME confidence plummets as Vistage names new director

Vistage has released its quarterly SME Confidence Index, indicating a considerable decline in economic confidence and growth for small and medium-sized enterprises (SMEs) over the next 12 months.

The report highlights a significant drop in economic confidence among SME CEOs, with the index falling from 107.1 to 91.4 in the last quarter of 2024. A total of 69% of businesses have reported worsening economic conditions over the past year, and 55% anticipate this trend to continue into 2025.

Economic uncertainty is on the rise, with only 54% of business leaders expressing optimism about their firm's profitability in the coming year. Despite these concerns, 72% of business leaders plan to increase hiring to bolster their investment in talent.

Amidst these findings, Rebecca Drew has been named Managing Director of Vistage UK & Ireland. Drew brings extensive experience in scaling mentorship programmes from her previous roles at Chief and LinkedIn. Her expertise is expected to assist Vistage in supporting SMEs facing declining economic confidence and market pressures.

"I am thrilled to join Vistage at such an exciting phase of growth, where our members need our support the most," said Drew. "Mentorship plays a critical role in helping businesses achieve their full potential, especially during periods of uncertainty. Insights from our latest report highlight a significant decline in economic confidence among SME CEOs, with many citing concerns around revenue and profitability projections. This makes our work even more essential in equipping leaders with the tools and guidance they need to adapt, survive and thrive. I feel confident in our ability to work together with SMEs across the UK and Ireland to continue their growth trajectory and bolster a culture of resilience and innovation despite challenges in the wider business landscape."

Vistage Worldwide President of International Operations, Rob Ristagno, emphasised the strategic timing of Drew's appointment: "With confidence levels declining, Rebecca's appointment comes at a key moment. Her expertise in mentorship and organisational transformation gives us confidence that she has the tools to provide the support businesses need to navigate these difficult times and build resilience for 2025."

Sam Reese, CEO of Vistage Worldwide, echoed this sentiment, stating, "We are delighted to welcome Rebecca to our international leadership team; her well-seasoned experience and vision align perfectly with our mission to provide world-class executive mentorship. As indicated by the results from our Q4 index, economic confidence has fallen by 15 points. Rebecca's deep expertise in empowering business leaders in the face of adversity is exactly what's needed to address the pressure points we know SMEs are currently facing."