Small businesses in the UK will have plenty to celebrate this year with business growth doubling from what it was a year ago
According to a survey of 500 small businesses by credit card company American Express, the number of small businesses reporting growth has doubled from 43% in 2014 to 88% in 2015. This represents more than three quarters of all the businesses surveyed.
The figures are backed up by an increasing sense of optimism amongst small business owners who a year ago might have been wondering about their futures. More than half of the businesses surveyed reported growth of 11% or more in sales.
Surprisingly, less than half (44%) of the entrepreneurs interviewed thought that now was a better time to start a business than three years ago. This either represents caution amongst those interviewed or a belief that there is still plenty of room for sales growth this year.
With small businesses making a significant contribution to the national economy, the findings are positive and indicate that 2015 will go down as a good year for most firms and boost the government’s coffers in the process through increased tax revenues. Recent reports have suggested that the economic deficit has risen due to a decline in tax revenue.