Over half of UK businesses expect to grow their revenue by 50%

Latest data has revealed that UK entrepreneurs are looking to concentrate on growing revenue and fundraising millions of pounds in 2018.

EY’s ‘Fast Growth Tracker’ report surveyed over 300 business owners, with 50% saying that funding was the largest constraint on their growth.

More than half of the businesses surveyed (55%) expect to grow their revenue by 50% or more in the coming year, with another one in five (19%) believing a minimum increase of 20%.

The survey also found that 72% of those wanting to fundraise in the next year are looking for up to £5m in capital, with a further one in six (17%) wanting to raise over £10m.

Joanna Santinon, EY Entrepreneur Of The Year Lead Partner at EY, commented, “Entrepreneurs, with their innovative and optimistic outlook, will help to lead the way for UK business. In a rapidly changing world, where others see barriers, entrepreneurs will often see opportunity. Other businesses can learn a great deal from their ‘can-do’ attitude, passion and sense of purpose, which contributes to their fast-growth and ambitious plans for the future.”

Richard Goold, EY Fast Growth Platform Partner, added, “Funding has historically been, and continues to be, a hurdle to growth for the country’s entrepreneurial businesses. This research shows a disparity between matching ambitious enterprises with suitable investors, leading many to look overseas to find the growth capital they need.

“To make our start-ups a British business success, more routes to funding need to be created to ensure that these bright, entrepreneurial businesses are enabled to flourish.”

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