UK small and medium-sized enterprises (SMEs) are expecting growth of up to 40 per cent over the next two years, a new study reveals.
The research, which was commissioned by Wesleyan Bank, found that almost two thirds (65 per cent) of small businesses are feeling confident about their growth prospects over the coming years.
It also found that, despite the escalating political uncertainties of current times, more than half (54 per cent) of firms are feeling ‘more confident’ right now than they were this time last year.
Wesleyan’s latest SME Heroes or Zeros study, which is carried out each year, surveyed more than 500 SME owners and decision-makers from all across the UK.
It found that today’s SMEs are feeling incredibly ambitious, regardless of whatever challenges might be on the horizon.
The survey indicated that SMEs are beginning to explore alternative finance options in their efforts to realise their expansion plans.
It found that, in the past year, more than half (59 per cent) of small business had sought out external funding.
This was up from just 30 per cent of firms who said they had applied for funding to help boost business growth the previous year.
Wesleyan Bank’s Paul Slapa said that the research proved that “SMEs are performing strongly” in the face of an economic outlook “often clouded by negativity.”
“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,” he said.