The majority of UK SMEs are feeling confident about 2015 and expect businesses to grow – but a third expect a decline.
The majority of the UK’s small businesses are feeling upbeat about 2015 according to a new poll. The survey of 1000 small and medium sized businesses carried out by OnePoll, commissioned by small business funder Liberis, showed that 68% of SMEs say they are feeling confident about their business for the new year and 56% expect their business to grow. Worryingly, however, nearly a third (32%) admitted they expect their business to decline, with main concerns being cash-flow, costs eating into profits and increasing their sales.
Four in ten (40%) said they would be seeking funding for their business, of which 75% felt confident that they would be successful in getting it. Fifty percent plan to go to their bank whilst a nearly a third (31%) plan to go to alternative funding providers. A third, however won’t be seeking funding because they don’t think they’ll get it.
Top needs for funding are to pay a tax bill, followed by buying new stock and equipment and for day to day running costs.
Says Liberis CEO Paul Mildenstein, “It’s good to see such a widespread level of confidence and expectations of growth, but it is still tough trading for a considerable number of small businesses who are concerned about cash flow and costs and need funding to help with every day expenses to see them through.”
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