SME's views on the future of business in 2010 - a Simply Business survey
Our Knowledge team has asked over 300 UK SMEs about their experiences during the recession and about their views on their business outlook in 2010. Here are the complete results of the survey:
Are you struggling to find more work?
Do you think that current government are doing enough to support small enterprises?
Have you struggled to get access to lending from Banks for your business in the last 18 months?
Has business slowed in the last 14 months?
Are things starting to look better for your business?
Are you looking to expand this year?
Do you think the various packages announced in the budget for small enterprises will help your business? (E.g. Lower business rate tax, doubling of Entrepreneurs relief on Capital gians, increasing the amount of lending and funding available to SME's etc.)
Are you optimistic about the future?
No Green Shoots for UK Entrepreneurs
The UK’s entrepreneurs are pessimistic about the business outlook for 2010, and scathing of the Government’s efforts to drive small business growth, according to a new study performed this week by business insurance broker SimplyBusiness.co.uk.
Contrary to reports of recovery and green shoots, more than two thirds (68%) of small businesses are still struggling to find work.
Nearly half (43%) of Britain’s small business owners do not feel things are starting to look any better for their business at all.
And ambitions for the rest of the year remain muted - less than half (48%) of firms are hoping to expand this year.
Government fails to support small business
The vast majority (83%) of small businesses believe the Government is not doing enough to support SMEs.
Chris Slater, Head of Insurance at Simply Business, comments:
“We hear much rhetoric from the Government about small businesses being the engine room for economic growth, but the feeling at the ‘coal face’ of British entrepreneurialism is that too little is being done to support our SMEs."
Bank lending stifles recovery
Of those business that are planning to expand this year, nearly two thirds (60%) have struggled to obtain funding for growth from banks.
Chris Slater comments:
“There is significant anger at the banks, and the next Government will need to prove a commitment to freeing up bank lending if they are to win the support of UK entrepreneurs.”
Businesses have expressed their struggle getting funds from banks to expand their business. An alternative business finance facility could help you with your business expansion.
Use factoring to fund your business expansion:
- Balance your cashflow
- Get up to 90% of your invoices advances in 24 hours
- Grow the facility with your business
- Save time - spend time growing your business instead of in chasing invoices
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