The Bank of Cyprus undertakes research 3 times a year to provide an on-going measure of the level of confidence within the Owner managed business sector in the UK. The research is based on a survey of decision makers all of whom are sole or part owners of businesses with 50 or fewer employees. This latest research was carried out in November 2013.
The headlines of this research show that confidence has been growing throughout the year and were at its highest point at the end of the year.
46% of the respondents expect sales and revenue to grow in the next quarter, compared to 32% and 38% in the previous two surveys. Over the longer term the results are even more impressive with 56% expecting sales and revenue to grow in the next 12 months. This is up from 50% and 43% from the previous two surveys.
This optimism is being reinforced by real success with 39% reporting new contracts and 12% entering new markets.
They also believe that the chances of securing finance from the banks is improving. 41% now believe that their banks will support them with new finance, up from 24% in the previous survey.
This is great news for the UK economy and for the survival of small businesses.