Entrepreneurial Optimism On A High 
New research has revealed that optimism amongst the owners of the UK's small firms has risen to its highest level in five years, with more than 80 per cent of entrepreneurs believing that their businesses will grow by at least 10 per cent over the next year, the highest number since the survey began in 2008.

Their confidence is not only confined to their own business either; 88 per cent of them expect the economy to grow by as much as 2 per cent in the coming twelve months.

In addition, the owners of small firms are less focused on stockpiling cash now that the economy is reviving. While 32 per cent were saving every penny they could get in 2012, only 15 per cent are doing so now.

However, although they are keen to go for growth, entrepreneurs are not expecting to go to their banks for help. More than half the business owners polled said they were confident enough to start using their cash reserves to finance expansion.

In fact, only a fifth thought banks are as willing to lend today as they were a year ago and only 17 per cent are planning to fund investment through bank loans or overdrafts.

As far as growth strategy is concerned, nearly a third said they will be investing in new products and exporting to new markets as their primary growth strategy, while just under half will use organic growth to expand.

The most important foreign market for the entrepreneurs surveyed was Western Europe, with 45 per cent saying it was a major export destination. Interestingly, given the move today to push for a referendum on Europe, when asked whether leaving the EU was a good idea, 52 per cent thought it would have a negative impact on their business and only 7 per cent believed they would see a benefit.

For more information, please contact Glazers, Chartered Accountants London or visit www.glazers.co.uk




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