Businesses in the UK are optimistic about the impact of the recession, with 85% expecting to grow over the next year, a survey has said.
The research, by the Bowmark Entrepreneurs’ Index, also found that one third of businesses expect revenue and profits to grow by more than 20% - despite growing uncertainty in financial markets.
Two-thirds of respondents were also confident about the prospects for their sector, with 58% adding that they were optimistic about the future of entrepreneurial companies in the UK.
Bowmark said the positive outlook reflects a good year for many companies. Two thirds of respondents were predicted to grow by more than 10% in the next 12 months.
However, many companies said they were feeling the full force of the credit crunch when it came to their employees – 55% had either maintained or cut job numbers in the last month, and just 18% expected to increase their workforce by 20% or more in the next year.
Two thirds of respondents added that they found it difficult to recruit staff with the right skills for their business.
Charles Ind, Bowmark Capital’s managing partner, said whether the slow growth in employment arises out of problems finding people with the right skills or is down to increased productivity is yet to emerge.
He added that to be a successful entrepreneur, it is important to be a positive thinker.
“This survey demonstrates that many small and medium-sized businesses are delivering good results, in spite of worsening economic and financial conditions,” he said.
© Crimson Business Ltd. 2008
