Small Businesses Create more Jobs as Confidence Increases
In the UK, small businesses are experiencing record levels of confidence with a continuing growth in headcounts expected to continue into the next quarter.
A recent survey has found that 61% of businesses surveyed expect to grow over the next year, with 10% expecting to grow rapidly. This positive outlook has been seen over the last seven quarters.
Meanwhile, a third of businesses expect a growth in their turnover during the next quarter and 17% expect an increase in profits.
Furthermore, small firms’ hiring intentions are at an all time high. It has been shown that 5% of small businesses had increased their headcounts during the last quarter – the highest increase seen sofar with the trend expected to continue.
However, skills shortages, weak consumer demand and remaining challenges in the domestic economy could cause barriers to growth.