More than three in five (61%) small business owners think they will grow this year, but signs that many are hitting the breaks on investment in core areas, such as marketing and new technology, is raising concerns for recovery, according to a new report from Small Business Britain.
The ‘Moving Forward in 2023’ report, in partnership with Square and Clearpay, examines how the nation’s 5.5 million small businesses can thrive following years of turmoil. As the UK narrowly avoids recession, the research report found a lacklustre seasonal trading period has dented confidence and put many businesses on the backfoot.
“With a brightening economic picture, there is huge scope for turning the story around for small businesses. We need to hear more talk of growth, hope, and opportunity. This is what will inspire more optimism and fire up the nation’s 5.5 million small businesses to be the engine of growth, jobs, and innovation that the UK so badly needs,” said Michelle Ovens CBE, founder of Small Business Britain.
