A recent report from Novuna Business Finance revealed that small business owners in London were the most optimistic about growth compared to those in other parts of the UK. This was despite widespread concerns about the upcoming Autumn Budget statement from Rachel Reeves impacting small businesses in a number of ways.
Thank you for reading this post, don't forget to subscribe!Small business research
Novuna Business Finance’s research found that 57% of small London businesses were expecting growth in the fourth quarter of this business year. This percentage was higher than in any other UK region. The next most optimistic were small businesses in the West Midlands, of which 40% were expecting growth in the months ahead. Nationally, only 35% of small business owners felt this way; however, even this had moved on from the 30% revealed by research undertaken earlier in the year.
Concerns over the budget
Concerns about the Autumn Budget were not insignificant, with 86% of small UK business owners expressing some fear over what the chancellor had in store. Of those with concerns, an increase in national insurance, income tax, and VAT were the biggest. Certain sectors, such as the property sector, expressed concern over changes to capital gains and inheritance tax. Plans from the government to support flexible working was also identified as a concern to many small businesses, which may not have the capabilities to facilitate this.
Achieving growth
Whether you own a small business in London or elsewhere in the UK, it might be worth getting in touch with specialist business growth consulting services to help your company grow in a way that is both sustainable and significant. Business growth consulting services help identify and solve the barriers to growth and help companies to improve their overall processes. Any size of business can benefit from growth consultants, even those looking for small long-term growth.
Only time will tell whether this optimism for growth will turn into a reality when the changes announced in the Autumn Budget take hold and to what extent they will affect the profitability of the UK’s small businesses.