54% of small businesses said they expect to grow over the next 12 months, survey reveals
February 2022 - Business Support
54% of small businesses said they expect to grow over the next 12 months: A couple of recent surveys into the projected growth of SMEs, and the obstacles that they face, has revealed that just over half of small businesses expect to see a growth in their company over the next year.
The polls, by NatWest and the Federation of Small Businesses, surveyed a combined 2,000 business representatives to gain their views on how their company is advancing. The study also uncovered that the number of businesses expecting to grow over the next year is more than the number before the pandemic started.
When asked about what steps they will take in order to grow their business, just over four in 10 SME representatives said improving sustainability was a ‘high priority’ over the next 12 months; in comparison to the 44% that prioritised improving sustainability. In addition, recycling and developing sustainable products was ranked as a top priority for SMEs.
The studies also looked into the differences between larger and smaller businesses, and found that six in 10 larger companies said improving sustainability was a ‘high priority’; up from 57% in the previous year’s survey.
More than three-quarters of small business respondents (78%) reported that their costs are rising, with four in 10 saying profits are being hit by inflationary pressures.
However, less than one in 10 firms applied for finance in the last quarter of 2021, according to the polling; the lowest level for seven years. In addition, only 45% of those that applied for finance last year had their application accepted.
Mike Cherry, chairman at the Federation of Small Businesses, said: “We urgently need the Government to start looking closely at the policies that will empower the small business community to spur our recovery from this recession as it did the last. The growth intentions are there, but we need the right support to turn vision into reality.”
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