50% of UK Business Owners Look to Grow Operations
A recent report has indicated new levels of optimism among business owners with 42% planning to develop new products and services
A new level of optimism among small business owners has many wanting to expand with 50% planning to grow operations in the future, according to a new report by Fleximize.
Of the 129 businesses surveyed, 42% of entrepreneurs said they intend to develop new products and services, 23% said they had plans to hire more staff and 17% believe they will need larger premises.
It was also revealed that 27% of business owners intend to buy new machinery, with one in three planning to expand into new geographical markets.
Additionally, the findings indicate growing business revenues and profits. 35% of the businesses surveyed said their revenues were higher than they were 12 months ago while 29% said their profits were also higher over this time period.
Fleximize has suggested that the rise in alternative sources of finance, such as crowdfunding, peer-to-peer lending and invoice finance, could be responsible for business optimism.
It reports that, while mainstream banks are turning down over £1bn of small and medium sized business credit applications every quarter, funding options open to businesses have “never been” more flexible with many UK businesses finding they now get a better deal with an alternative finance lender.
Max Chmyshuk, founder and managing partner at Fleximize, said: ‘’We believe businesses are generally feeling more positive about their trading than they were a year ago and our research shows that half are looking to grow their operations.’’
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