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. Reacess what you really need before moving forward to build a bigger stronger business.
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.”
Going into a new year can always be daunting but business need not worry. A new year is a way to wipe the slate clean and any problems you had from the previous year need to be seen as challenges to face head on. Pull together some business new year resolutions and ensure your business is growing.