Four fifths (81 per cent) of business owners are worried about recession, with small business confidence taking a hit as the nation’s 5.5 million small firms face an array of challenges heading into 2023.
A new report from Small Business Britain and TSB Bank has found that concerns about the economy is deterring small businesses from investing in growth, innovation and hiring new talent. However, the report also points to many sources of business opportunity and a determined fight back from the nation’s small business community, with over half of small businesses (52%) signalling that they are experiencing challenges, but pressing on anyway.
The report, which looks at how small businesses can return to growth, underlines the grit and resilience that now characterises Britain’s small business community, as they deal with perpetual change following the pandemic and cost of living crisis.
