Over half of small businesses say they expect their businesses to grow in the coming year. A survey by the Small Firms Association (SFA) has found that there is a growing positivity among smaller businesses.
41% of firms said they rated business as 'good' or 'very good', and 61% believe they will be moving into a growth phase in the coming year.
32% of firms highlighted that the business was maintaining its current level, while just over 4% felt their business was in decline.
The findings are contained in its Q2 Business Sentiment Survey.
It says 6 out of 10 firms indicated that their business would be moving back into a growth phase in the coming 12 months, with the majority focused on international markets.
The top areas for investment for small firms are:
- 42% Brand development
- 27% Staff development
- 16% Investment in IT
- 8% Update and modernise machinery
- 7% Invest in updating company premises
The SFA also highlighted that small firms are ambitious for growth and called on government to ensure that they assist small firms build on these ambitions "by creating an environment conducive to small business and focus on tangible actions that can be delivered".
The body hopes to see no increases on employment costs in Budget 2014, an increase credit availability to SMEs and a reduction in business costs.
Avine McNally from the Small Firms Association explains.
