Two thirds of UK firms predicting growth in 2012

Britain’s small businesses are optimistic that there will be a business upswing in 2012 – despite the current bleakness of the economic climate.

That is according to business insurance broker Simply Business, which surveyed 374 small businesses across the UK.

Nearly two thirds of respondents said they expect their revenue to increase in 2012; although 73% said they were not predicting an improvement in economic conditions.

Instead, 65% of firms will prioritise winning new business over the next twelve months and, if successful, more than a quarter will create new jobs in that period.

Furthermore, 6% of business owners will seek new funding in 2012, while the same proportion will focus on cost-cutting to improve their profits.

Jason Stockwood, CEO of Simply Business, said: “The optimistic picture these small businesses paint is heartening in these tough times.

“When you consider that small firms account for 99.9% of the total enterprises in the UK and provide over 59% of the jobs in the private sector [according to BIS’ 2010 estimate] their continued success and growth is key to our economic recovery.”

© Crimson Publishing 2011