The Q3 report by the Federation of Small Businesses (FSB) shows that economic confidence in small businesses is at a record high.
The document, published on 15th September 2014, was produced by Verve between 30th July and 13th August with 2,137 small businesses taking part.
The report found that 61% of the small businesses surveyed expect growth over the next year and of those, 1 in 10 are predicting to grow rapidly. Recent backing from the government via new schemes such as the Funding for Lending Scheme, which is part of the policy to support new SME start ups, could have contributed to this growth.
Results show that the market looks hopeful, an advantage to current owners and those looking to start their own company.
This is the seventh consecutive quarter that small businesses have improved financially and the trend is set to continue over the next 12 months. predictions suggest that small companies are set for a promising future.
The FSB publication stated that 5% of small companies increased their number of employees over the past three months. There are also high predictions for the next quarter, the number is set to rise to 7% (up from 1% in the same period last year).
Quarter 3 confirmed the “Central role of small businesses in the economic recovery and remarkable rate of job creation seen in recent times.” stated John Allan, FSB national chairman. The announcement of these figures has provided small organisation owners confidence that their sector will continue to grow over the next financial quarter.
The future for small enterprises looks encouraging. The forecast for the next quarter shows a steady increase financially, beneficial for both company owners and the UK’s economy.
MCC Accountants are specialists in small business accounting offering solutions for a range of different businesses. If you are seeking advice or information on how to run your accounts we would be happy to assist you, you can contact us via our contact page.
