By Mark Turner
Good news is seldom expected but always welcome, particularly for the small businesses of the UK. This is what makes the findings from the Federation of Small Businesses so exciting. The Q4 2014 survey came up with some positive findings, including the fact that 62% of small businesses are expecting to grow in Q1 of 2015.
The findings break down as such:
- Year on year productivity has grown 1.1% when compared to Q4 2013
- 16% of small businesses have taken on more staff, while only 11% reduced staff numbers
- Businesses in the IT sector are the most confident, and the fastest growth was seen in health and social work as well as transport
Geographically speaking, the hotspots of growth and confidence are centred on three distinct areas of the UK:
- The West Midlands
- Eastern England
While the outlook is positive, it wasn’t all good news from the survey.
- 11% of firms with zero employees said they find accessing affordable credit difficult
- This compares to 44% of medium-sized businesses with more than 50 staff
- 22% of businesses said that the cost of finance and the borrowing process is making it harder to expand vs 10% in Q4 2013
If you’re a small business or start-up and need some help and advice with your new business venture, don’t hesitate to contact me. The Lubbock Fine team is always available to help.
We advise new entrepreneurial business start-up clients on a host of matters including trading vehicles, compliance issues, VAT, payroll, bookkeeping and management accounting. We also produce a range of free factsheets for small businesses and for people just starting up in business. Click here to access them.
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