The bulk of small and medium-sized companies expect growth for their enterprise next year.
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 per cent of SMEs say they are feeling confident about their business for the new year.
Some 56 per cent expect their business to grow next year. However, nearly a third (32 per cent) 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 per cent) said they would be seeking funding for their business, of which 75 per cent felt confident that they would be successful in getting it.
Half (50 per cent) plan to go to their bank whilst a nearly a third (31 per cent) look to go to alternative funding providers. A third 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.
Liberis CEO Paul Mildenstein said: ‘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.’