There’s an increasing level of optimism among owner-managed businesses about their medium-term growth prospects, according to the latest Owner Managed Business Barometer report from Bank of Cyprus UK.
The research, which questioned over 500 business decision makers with ownership or part ownership of a business with fewer than 50 employees, revealed that 38 per cent of respondents expect to see a growth in sales/revenue over the next three months, compared to 31 per cent of businesses surveyed in the first quarter of 2013.
49 per cent expect to see growth over the next year.
Encouragingly, the research also reveals that while a lack of confidence in the economy continues to be the main barrier to growth for nearly half of businesses (48 per cent), 20 per cent of respondents perceive no real barrier to their ability to grow their businesses over the next 12 months.
“In the current climate any bit of optimism from the smaller end of the UK business community is to be welcomed,” Bank of Cyprus UK’s Tony Leahy says.
“The fact that almost half of respondents anticipate growth over the next 12 months is heartening, but should not be taken for granted.”