Growth is back on the agenda for the majority of UK’s small and medium sized businesses (SMEs).
According to a survey of 150 SME owners across the UK, 80 per cent expect moderate or substantial growth in 2018, whilst 78 per cent said they expect their confidence in the UK economy to either increase or remain the same this year. 43 per cent of business owners also said they intended to recruit in 2018.
“With uncertainty around productivity, the UK economy and a changing global landscape, it may be easy to assume small businesses are pessimistic about the future,” explains Lee Maytum, managing director of workspace provider Flexspace, which conducted the Flexspace Business Sentiment Survey.
“Yet this survey suggests the exact opposite. Small businesses are feeling positive with plans for growth.
“According to the Federation of Small Businesses, SMEs accounted for 99.3 per cent of all private sector businesses at the start of 2017. That’s the bread-and-butter of the UK economy, making surveys like this so important: they stop us making assumptions about how small business owners are feeling and instead provide a strong indicator to business sentiment and expectations.”
In this current economic climate, it is more important than ever that business owners look at ways of improving profitability, working capital and cashflow, enabling their businesses to be more agile and flexible to respond positively to the changing economic landscape.
For information about how we can assist by putting processes in place to benefit your business and plan ahead for the future, contact Steve Govey or your usual Beavis Morgan Partner.
Our SME business experts at Beavis Morgan are available to structure your business with cashflow and profit forecasting to measure performance and maximise opportunities.