More than half of small business founders expect to expand in 2023, a 12 per cent leap in ambition on the previous quarter, a new survey has found. Despite being impacted by rising costs (77%) and 42 per cent admitting profitability will take a hit due to cost pressures, 54 per cent said they expected to expand their business according to Enterprise Nation’s quarterly Small Business Barometer.
The survey, which analysed responses from more than 1,000 start-ups, micro and small businesses across the UK, found London was the growth outlier, with 63 per cent expecting to expand this year. Those operating in business services, education and food and drink businesses under three years old all stood out for their expansion plans.
Half are planning to take on staff (50%), and 57 per cent plan to invest by taking on board finance. The average amount of funding has also gone up. Businesses expect to take on an average of £55,972 in investment, a 16 per cent increase and six per cent above inflation.
