Despite the growing uncertainties and increased costs for UK businesses, a new survey shows the majority of firms have confidence in their future growth.
Small business confidence grows
As many as 73% of small and medium sized businesses say that they expect to expand in the next year.
Just 3% expect to shrink.
This is according to new research from Aviva, which suggests this shows an optimistic outlook for the UK economy due to SMEs accounting for 99.8% of UK businesses.
The data revealed:
- 62% of growing SMEs anticipate increased customer demand in the next 12 months.
- 50% are looking to diversify their products or services to help with growth.
- 48% are hoping to increase the number of workers they hire.
- 35% plan to grow by opening new sites.
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Growing workloads
While SMEs are generally feeling more confident, the majority are also reporting an increased workload. Nearly one in five admits that they’re struggling to get everything done in the day.
As many as 77% of SME decision-makers say they’re handling responsibilities beyond their main job more than once a week.
The figures show that many leaders are spending valuable time on:
- Admin, such as arranging insurance (cited by 35%)
- Compliance and regulation (30%)
- Business continuity planning (26%)
- Risk management and Health & Safety (24%)
To find out more about contracting, please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.
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