Half of small businesses expect turnover to increase in 2015

Around half of small businesses in the UK expect their turnover to increase in the next 12 months, according to research by the Department for Business, Innovation and Skills (BiS).

The study also reveals that 78 per cent of those asked report a profit or surplus in the past 12 months. This is up 6 percentage points on 2012 figures and up to pre-recession levels.

The Small Business Survey 2014 is based on a poll of more than 4,000 small businesses (with no more than 249 employees) across the UK.

More than a third (40 per cent) of respondents say that their turnover increased over the past year. This compares favourably to the figure of 29 per cent seen in 2012. Only 18 per cent say their turnover fell in 2014 (The 2012 figure was 31 per cent).

Subsequently small businesses have hired more in 2014 and are planning to recruit more staff in the near future. Almost a quarter (22 per cent) took on more staff in the past 12 months (compared to 19 per cent in 2012) and a third say they intend to increase headcount in 2015. This is up from a fifth three years ago.

Business minister Matthew Hancock says the government’s aim is ‘to make Britain the best place in the world to start and grow a business’ and that ‘this is now within reach’.

‘Small businesses are leading our economic recovery and we have thrown our weight behind them, like never before,’ adds Hancock. ‘Over 850,000 small businesses have benefitted from the Government’s Employment Allowance.

‘We’ve cut back £10 billion of burdensome red tape and last year UKTI helped nearly 48,000 businesses export more than £49 billion of goods overseas. There really has never been a better time to start a business.’

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