What do you think about your business prospects for the coming year? According to a recent survey by Smith and Williamson, eight in ten entrepreneurs are optimistic about their business prospects for 2013. Half of this group were ‘very optimistic’ about their prospects according to this quarterly research.
A further 80% were planning for growth or acquisition on the year ahead, with a similar number looking to increase their head count in the coming year. But what do the experts think about these figures?
“These results clearly demonstrate that entrepreneurs are bullish about the future and taking positive steps to develop their business. It is exactly this attitude that helps to explain why they are often described as the engine of our economy,” said Guy Rigby, head of Entrepreneurs at Smith & Williamson, the accountancy and investment management group.
But what about the wider UK economy? Confidence regarding the state of the UK economy as a whole was reasonably healthy; six in ten of those businesses interviewed were expecting improvements in the economy. What’s more, 41% of businesses indicated that they would be much more prepared to borrow money in order to ensure growth than there were three months ago.
However, the picture isn’t the same when it comes to access to finance: Rigby continues, “The view amongst entrepreneurs seems to be that the worst is behind us. If that’s the case, we’ll start to see an increasing appetite for borrowing. The spotlight will then be on the banks and whether they’re able to respond. From what we’ve seen so far from businesses that do want to borrow, there’s still a big hill to climb.”
However, it doesn’t all end with the banks. Alternative finance is a great avenue for many businesses to get access to the funds they need to grow. Invoice finance is flexible, accessible and affordable – it could help your business to fulfil its potential in 2013.