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Business confidence hits a two-year high as companies explore opportunities for growth

 

A recent survey from the FSB has shown that small business confidence is high for the coming months. It has been reported that more than seven in ten firms expect their performance to either improve or remain the same over the next three months of the year. 

The proportion of firms planning to increase investment has also hit a two-year high, with 33 per cent of small businesses exploring opportunities for growth. It also reveals that 50 per cent of small businesses are expecting to expand operations over the coming 12 months.

Mike Cherry, FSB National Chairman, said: “After a 2017 dogged by spiralling prices and political uncertainty, it’s good to see small business confidence back in the black. The resilience of the small firms and self-employed entrepreneurs that make up 99 per cent of UK businesses has lifted economic forecasts for the coming 12 months.” 

Even though small business confidence is high, you need to make sure that you continue to carefully manage your finances. With the recent payment rises and regulatory changes over the coming weeks and months you don’t want these to impact your business cash flow.

One of the main regulatory changes is the update to The General Data Protection Regulation (GDPR) which will come into force 25th May 2018. If your business fails to comply with the new changes, you could be faced with a substantial fine to pay. As there is still over a month until the new law is enforced, invest some time to increase your knowledge. Sign up to online seminars or attend industry events to make sure that your business is fully compliant to avoid unwanted fines. 

Brexit negotiations are continuing but the government still need to be mindful of small business needs. Mike Cherry says: “As Brexit negotiations progress, the Government needs to remember that it’s economic growth, consumer demand and labour costs here at home that are on the minds of small business owners day to day.”

If you’ve made a business plan at the beginning of the year, now is a good time to review it so you can make additions or remove certain events that may have changed. Making a cash flow forecast and identifying what recent changes may impact your business is also vital to help your business continue running smoothly.

How can your business explore and fund opportunities for growth?

The way small businesses are accessing finance for growth is changing and you now have more options to keep on top of your finances than ever before. The alternative finance market offers a quick and easy way to access funding when you want to take advantage of an opportunity to grow your business, such as launching a new product range, purchasing equipment to speed up production, and running a marketing campaign.

Quick Capital’s merchant cash advance is an ideal short term solution to fund these opportunities and increase business confidence. A sum of money is advanced to you based on the amount you take on card payments each month. The repayments are simple and flexible because a percentage of your card turnover is deducted automatically each day, increasing and decreasing in line with your income.

If you’d like more information on how you can uphold your business confidence with a cash flow boost, contact one of our advisors on 0800 3777 402 or visit our website for more information.

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