Small Businesses

Happy Business Man

The latest Federation of Small Businesses (FSB) report indicates that small firms in England and Wales are feeling a lot more positive about their future prospects, with the national lockdown being eased.

The new UK Small Business Index published by the FSB shows that average level of confidence about the future among these firms went up to 27.3 during the opening quarter of this year. By comparison, it was -49.3 during the final quarter of 2020. Furthermore, the current small business confidence level is the highest it has been since the third quarter of 2014.

Another encouraging stat revealed by the FSB report is that 58% of the 1,700 small firms it spoke to feel that circumstances will get better for them during the remainder of the year – which amounts to two thirds of them. Just 31% – under one third – anticipate a decline in their fortunes across the rest of 2021.

Just over half of them, at 51%, are expecting a rise in their profits during the upcoming three-month period, while only 24% believe profits will drop. By comparison, at the same point in 2020, 84% of small businesses expected a decline in profits, which suggests that the imminent end of lockdown is fuelling the new confidence.

Furthermore, 53% are aiming to expand during the next year, which is the highest number to express that view since the third quarter of 2019. Talking to a specialist business accountant from Doncaster or wherever they are based will help these firms develop viable plans for growth.

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