Two Thirds of Small Businesses Predict Growth
42% of small firms worry they lack technology, space and talent to meet customer demand
Confidence among small businesses continues to grow, with 69% of companies predicting growth of approximately 26% in 2015; however 42% are concerned about their ability to manage their progression.
This followed the release of data from the Office for National Statistics (ONS), which showed Britain’s economy is 2.7% above the pre-crisis peak at the end of the second quarter of this year.
However, the confidence survey, which was conducted by digital communications company EE and featured 1,000 business owners, found that many are concerned over their inability to meet demand.
In particular, companies were worried about access to office space and technology as well as a lack of employees with the right skill-set.
Two fifths of the respondents stated that their business’ lack of resources meant that they would be ill-equipped to deal with customer demand that 2015’s predicted growth will bring, and are concerned their company could be under threat if they are unable to resolve these issues.
Mike Tomlinson, a director at EE, commented on the findings: “Our research shows Britain’s small businesses are expecting growth in the next year, but many worry they don’t have the resources to scale to meet that change.”