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Small business sector upbeat about H2 2011

A recent survey of small businesses commissioned by T-Mobile has come up with some surprising findings, the most eye-opening of which is a belief among SMEs that they’ll enjoy growth over the next six months. This is good to hear, but will it happen?

Well, the government is doing its best to convince small and medium-sized businesses that growth is possible. The state is continuing to butter up companies ahead of the Budget 2011, which is being dubbed the Budget for Business in some quarters.

The latest activity includes the proposed merger of income tax and national insurance into a single rate, which could save businesses hundreds of millions a year, and the launch of a new Growth and Innovation Fund, which will nurture company growth with investment of £50 million a year.

Interestingly, small businesses are pointing towards their flexibility as cause for optimism. They’re claiming that their ability to adapt to new circumstances and explore new services and markets puts them in a strong position. Tellingly, the Asset Based Finance Association has reported an 8% increase in the use of invoice finance by businesses, as well as growth in export invoice discounting.

With the government cranking up expectations for small businesses ahead of the budget, it seems that Osborne must deliver. The SME sector waits with baited breath for the next wave of the Chancellor’s magic wand. Let’s hope he can conjure up something to inspire the small business sector.

To find out more about A&T Business Associates services, contact us on 01903 602211 or info@atbusinessassociates.co.uk.

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