Brexit uncertainty, January cash flow problems and worrying productivity levels lead us to believe it’s all doom and gloom for British entrepreneurs. However, the number of business owners of small and medium-sized enterprises believing they can access funding to grow has risen significantly.
Figures from the Aldermore Future Attitudes report indicate that 75 per cent of SME owners are confident about obtaining the funding they require to grow in 2018. That’s increased from 63 per cent recorded in 2016.
The optimism doesn’t end there. 11 per cent of bosses asked said they expected to see a significant increase in profits during the year, while more than two-fifths of small firms (42%) believed that their business revenues will increase over the next 12 months, compared with 39 per cent in Q4 2016.
When asked to reflect on how they would increase revenue, half of small companies (50%) intended to increase marketing efforts, 39 per cent planned to launch new services or products and a third (33%) intended to focus their efforts on entering new markets.
Group managing director of business finance at Aldermore, Carl D’Ammassa said:
“It is encouraging to see that optimism among SME leaders is increasing, with attitudes towards business revenues staying positive for the next 12 months.
“SMEs make an essential contribution to the UK economy and with Brexit discussions progressing, their ability to obtain finance and help support the growth of the UK economy will be crucial.
“Planning can be a difficult task, but to ensure ongoing success, every business owner needs to have a vision for growth and an understanding of how they would like to get there.”