01/12/2010
Small businesses are confident they will be able to help the country's economic revival, results of a recent study show.
According to a new report entitled 'The year ahead: a view from Britain's small businesses' more than half (56 per cent) of small companies expect their profits to increase during 2011, Startups report. SME's remain optimistic with many companies confident they will be able to fulfil plans to increase the number of full and part time workers in their company.
The research also indicated that in spite of the challenging economic conditions, SMEs are still planning to invest next year although most are being increasingly strategic about where they will be spending their money. Forty-three per cent of the businesses surveyed said they are looking to increase their investment in marketing to boost sales, which can be funded using sales finance. A quarter of those questioned said they hoped to increase their spending on product development and innovation.
Travers Clarke-Walker director of the company behind the research said: "The importance of SMEs has been acknowledged for some time, but never more so than now, with their performance forming a central component of the recover, its speed and outcome."
"The fact that SMEs are seeking to grow and to enhance their profitability suggests a sense of optimism and a stepping up to the challenge of recovery," he added.
Hannah McLaverty-Williamson