Profits and headcount set to surge for British businesses
Confidence among entrepreneurs "soaring" in light of the current economic climate, according to research from the Entrepreneurs Optimism Index
The majority (92%) of UK businesses expect to be profitable in the next three months and over half plan to recruit new members of staff, findings from Bircham Dyson Bell’s first Entrepreneurs Optimism Index reveal.
According to the research, which surveyed 279 entrepreneurs, confidence among business owners is “soaring” with 56% of firms having witnessed an increase in revenue over the past three months.
64% of entrepreneurs were found to have raised additional funding in this same time period; 85% have sourced private investment while the remaining 15% have utilised government funding, shareholders and crowdfunding.
When it came to starting up, 74% of existing business owners said they would feel confident starting a new business in the current economic climate.
Hollie Gallagher, head of the entrepreneurs team at Bircham Dyson Bell, said: “Our inaugural Entrepreneurs Optimism Index shows an incredibly positive outlook amongst the business community, which is now experiencing growing profitability, increasing customer demand and higher employment.
“Interestingly, from the research and speaking to our clients, we have seen that business leaders are not confining themselves to starting and running a single business – they have continued to innovate and explore, treating their entrepreneurialism as providing a job for life.”
Rockstar Mentoring Group backed the report. Its managing director, Jonathan Pfahl, said the findings were evidence that “Britain is bouncing back”:
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“This increase in consumer confidence is leading to more spending, More spending means more growth in small to medium-sized businesses and usually, more jobs”.