Businesses Believe They’ll Weather The Storm, With 91% Confident They’ll Survive The Next 12 Months

Half of all small businesses believe the economy will worsen over the next six months, yet six in ten want to expand and grow their operations

Businesses Believe They’ll Weather The Storm, With 91% Confident They’ll Survive The Next 12 Months

UK small business owners are confident they’ll ‘weather the storm’ of economic and political uncertainty, with 91% believing they’ll survive the next 12 months

The survey by FreeAgent of 701 firms with fewer than 10 employees, has revealed that while 50% believe the economy will worsen over the next six months – just 3% are planning on downsizing their business.

Despite increased unpredictability with the triggering of Article 50 and announcement of a snap election, a mere 1% of respondents believe their business will have failed by this time next year.

Taking a more optimistic approach, 10% of those surveyed believe the economy will actually improve in 2017 – while 28% believe it will remain largely the same.

Seemingly bullish about Brexit, 64% of small business owners even want to expand and grow their operations over the next two quarters.

Ed Molyneux, CEO and co-founder of FreeAgent, said:

“Amid the upheaval surrounding the ongoing Brexit saga and the global political climate, it’s clear from our research that many micro-businesses don’t have much confidence in the UK’s economic prospects. But despite the gloomy outlook, it’s good news to see that so many of them are far more positive about the potential of their own businesses.

“Evidently the UK’s micro-business sector is proving its resilience, with a significant number of business owners planning to grow their ventures in the coming months.

“The fact that the overwhelming majority also expect to still be trading in a year’s time shows that they are confident in their ability to weather the storm – and that can only be good news for our economy in the long-term term.

“Around 95% of the UK’s total number of businesses are micro-businesses, so the more confident they are about their prospects, the better it will be for the whole country.”

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