Wednesday 30th Oct 2019
The recent two-year low for small business confidence appears to be correcting itself. New research from our Business Barometer study has noted an upturn in growth predictions across six industry sectors. These include manufacturing, construction, retail and real estate. In just three months, finance and accounting saw the sharpest rise in growth predictions – rising from 33% to 48%. Over a six-month period, growth predictions in the legal services sector have risen from 37% to 44%.
In contrast, small businesses in the transport and distribution sector are predicting contraction rather than growth.
The spring months saw the first fall in small business growth predictions for a year, but there are encouraging signs now that this was not the start of a seasonal slide. Whilst transport, building and manufacturing businesses have been faced by tangible challenges from Brexit uncertainty, small businesses that provide professional and consulting services seem to be prospering. Market uncertainty is the one certainty for the months ahead and at Hitachi Capital Business Finance we are working hard to help small businesses to exploit the opportunities from the current market.