Majority of Small Businesses Plan to Invest in their Firms in the Next Three Months
Marketing and promotions identified as most popular areas for businesses to invest finance in
59% of small and mid-sized companies plan to reinvest profits back into their business over the next three months, according to a new report published by the Bank Financial Services Group (BFS). The survey featured over 1,000 businesses with turnovers of up to £25m and asked recipients in June if they planned to invest in the three months up to October.
Further to the findings, an additional report, conducted by Conference Genie, examined which specific industries small businesses were planning to invest in across 2014.
The report discovered that the majority of small and mid-sized businesses in the retail, technology and travel sectors plan to pump finance into marketing and promotions; whereas firms in the financial sector are planning to spend on HR and people management, and the health and fitness on customer service.
The research also revealed what areas businesses plan to devote the most time to; while the health, financial and travel industries all plan to invest time and money in the same areas, retail and technology businesses differentiate.
28% of retail companies stated they would invest time in improving their knowledge of finance and accountancy, and 29% of tech companies are planning to spend the majority of their time increasing their knowledge of corporate law in order to ensure their business is operating legally.