The majority of the UK’s small businesses are feeling upbeat about 2015, according to the results of a new poll. Sixty-eight per cent of respondents said they felt confident about the new year, with 56 per cent expecting their business to grow.
The survey of 1,000 SMEs, which included salons around the country, was carried out by OnePoll for small business funder Liberis. Conversely, however, nearly a third of respondents 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. Fifty per cent plan to go to their bank while a nearly a third (31 per cent) plan to find 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.
Liberis CEO Paul Mildenstein comments: “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.”