Nine in 10 leaders of SMEs confident for coming year

LEADERS of small and medium size businesses are increasingly confident about prospects for the 12 months ahead after two tough years of soaring costs and high interest rates, a new survey reveals today.

- Jonathan Prynn

Almost nine of out 10 owners and senior executives polled said they were confident about the coming year, with more than a quarter expressing “extreme confidence”. Only 4% of those asked said they were not feeling confident at all.

The research, carried out on behalf of specialist bank Shawbrook, also found that almost half of SMEs had seen growth over the past 12 months, up from 29% in last year’s survey.

Increasing profitability is the key priority for SMEs in 2024 (52%), with improving productivity (51%) and managing rising costs (50%) also close to the top of the list.

Business owners are also considering how to expand and develop their business. A third are looking at digital transformation of their business and 29% are considering expanding into new markets or exporting.