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

50% of UK Business Owners Look to Grow Operations

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.’’

Want to learn how your business can raise alternative finance? Click here for our top 10 ways to fund your business without a bank loan.

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