Business growth exceeds expectations for local SMEs

GROWTH in business revenue has surpassed expectations for SME businesses operating in the West Midlands, according to new research.
 
Some 70% of small to medium sized firms in the region say that their business revenue has grown in the past 12 months, but when surveyed a year ago, just 54% predicted growth in the same period.
 
The figures are drawn from the Close Brothers Business Barometer, a quarterly survey of SME owners and managers from a range of sectors across the UK.
 
Mike Randall, CEO of Close Brothers Asset Finance, said: “The Office for National Statistics states that the UK recovery is progressing faster than anticipated, and our figures seem to suggest that small and medium sized businesses are really benefiting from improved trading conditions.
 
“Almost a third of the businesses we surveyed in the West Midlands report up to 10% growth in revenue, while 65% cite a jump of between 10% to 20% in the last year.”
 
The Close Brothers Business Barometer shows business confidence to be high, with four in five local SMEs optimistic about their growth prospects for the year ahead.
 
The survey also reveals that as many as 60% of respondents in the region plan to invest in their business in the next 12 months.
 
“It’s very important that these businesses plan ahead to ensure they can make the most of an increasingly prosperous economy,” said Randall.