SMEs ‘confident in regard to growth prospects’, survey finds

confidence amongst businesses

A survey carried out by Wesleyan Bank has suggested that UK small and medium-sized enterprises (SMEs) are confident about their future growth prospects.

The Bank polled 500 SMEs, and found that 54% are now more confident in regard to their business prospects than when compared to a year ago.

65% of SMEs reported that they are confident that they will experience growth of up to 40% over the next two years.

The survey also revealed that 11% of small firms have Brexit-related concerns, with many stating that they are worried about how Brexit will affect their business.

However, a further 50% of survey respondents said that their business strategy will not be ‘dictated by Brexit’ – a significant rise when compared to last year’s figure of 28%.

Commenting on the research, Paul Slapa, Head of Direct Sales at Wesleyan Bank, said: ‘The UK’s economic outlook is often clouded by negativity, but this research highlights that SMEs are performing strongly and have built solid foundations to prosper, both pre and post-Brexit.

‘Unless there is a material impact on their business today, there is no reason why SMEs should put on hold their investment plans to sustain and maximise growth.’