Over half UK small firms believe their business is now in a stronger position to succeed than it was a year ago, a new report has found.
According to the survey, which polled over 2,000 small business owners nationwide, 58% of small firms now feel positive about their business’ future, with one in three saying they are planning to make changes to their services or products to ensure success.
Furthermore, 48% of respondents have said that they expect to see some business growth over the next six months, despite on-going economic change. One in 10 small companies also regard international expansion as fundamental to driving growth.
Commenting on the research, small business expert and founder of the Bright Ideas Trust, Tim Campbell, said: “Small businesses have had a rough ride over the past couple of years but it is great to see that they are now positive about their future. By having the flexibility to adapt to new circumstances and explore new services and markets, small businesses can continue to thrive in today’s economy.”
With the new Budget set to be announced on March 23, and as a result of the fluctuating economic landscape, just one third of business owners are planning beyond the next six months, concluded the report, which was commissioned by T- Mobile, the mobile phone suppliers, to find out how far in advance small firms plan.
In response to the results, Martin Lyne, director of small and medium enterprises at T-Mobile, has called for shorter contracts to be made available to small companies, saying the “ability to adapt quickly is crucial to small business success,”
“The more we can give UK small business the support and means to help it remain stable and grow, the better for UK plc overall”, he added.
© Crimson Business. Ltd 2011