A recent poll shows that UK entrepreneurs have experienced strong growth in recent months, leaving them optimistic about the post-Brexit future.
The survey of UK entrepreneurial businesses shows that 69 per cent reported an increase in profits in the last 12 months, with 38 per cent reporting significant growth.
Despite uncertainty surrounding Britain's move to leave the European Union, this positive trend looks to continue, with 54 per cent of respondents saying they anticipate growth in the next three years and 32 per cent saying they plan to hire more than 20 new team members in that same time frame.
21 per cent of entrepreneurs said they thought Brexit would be beneficial to their business, 13 per cent said they predicted no impact at all, and 29 per cent expressed concerns that Brexit could harm their business, expressing concerns that single market could cause turbulent economic conditions for new businesses. In terms of recruitment, more than half of respondents said they did not anticipate Brexit impacting their ability to attract new hires.
Commenting on the findings, a spokesperson for the report says: “Characteristically, entrepreneurs are eternal optimists committed to their cause. In the face of uncertainty they find a way to grow. In fact they use times of change to their advantage, by innovating and disrupting the status quo.
"True there is much uncertainty in the market right now, which is set to stay for the foreseeable future; but this is an environment where entrepreneurs typically thrive and get ahead of the competition."
Beavis Morgan – specialist advisers to entrepreneurs
At Beavis Morgan, we specialise in working with startups and entrepreneurial people across a wide range of sectors, providing guidance and strategic advice to help in formulating plans for your business in order to strengthen its prospects of success, achieve growth and maximise wealth.
If you would like to find out more about how we can assist you with your entrepreneurial ideas and your startup business, or to discuss how any of the various government tax incentives, such as Research & Development (R&D) tax credits, could benefit your business, contact Steve Govey or your usual Beavis Morgan Partner.