Small business owners optimistic about growth

News Article - 07 November 2006
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More than half of small business owners expect profits to grow by a quarter in the next three years, according to a poll.

Research conducted by Finance Wales found that the majority of respondents predicted their companies would grow quickly over the following few years, with a quarter predicting a 75 per cent rise in profits, startups.co.uk reports.

Peter Wright, investment director at Finance Wales, told the website: "Small firms are the key drivers of any regional economy and it is heartening to see that the majority are hugely buoyant about the growth opportunities they face."

The survey found that small business owners worry most about managing cash flow, followed closely by recruiting and then keeping staff without losing control as well as raising funds.

Advisors, in contrast, felt that most small business owners did not have comprehensive plans for growth and operated within annual budgets.

They highlighted one concern as being rapid growth and the difficulties posed, but believed that financing growth would not be a big problem for new companies.

HM Revenue and Customs has recently set up seven specialist centres for small businesses to help them with research and development tax credit claims.

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