Seven in 10 UK Small Businesses Expect Zero Revenue Growth in 2017
Small businesses want the government to better facilitate business growth; 51% of small firms don’t feel adequately supported
71% of UK small-to-medium businesses expect revenue to either drop or stay at the same level over the next 12 months, according to new data from RSA.
Of the 1,000 small business owners RSA surveyed 32% cited the current climate of economic uncertainty as the reason for being sceptical about future revenue growth.
51% of small firms were also found to share the opinion that the government is not doing enough to facilitate the growth of small to medium enterprises in the country; only 22% said they felt satisfactorily supported.
Small businesses based in the South West of England appear to be the most concerned about business prospects in 2017 – 80% of small firms in this region expect a standstill or decline in revenue growth.
In fact, 40% of South West-based small business owners admitted an unexpected bill of £50,000 would put them out of business – 12% higher than UK small business owners in general.
Russell White, schemes and deals director at RSA, said: “Small-to-medium businesses are significant drivers of UK economic growth, with combined revenues of around £1.8 trillion.
“They don’t feel they are adequately supported at the highest level in what is a tough economic environment, despite the benefits improving small and medium enterprise growth could bring, in terms of lower unemployment, higher wages and increased gross domestic product.”