Three in four small businesses set out growth agenda for post-lockdown era
The latest edition of our quarterly Business Barometer research reveals that more than three in four small business owners (78%) are working on plans to strengthen their enterprises in the next 12-months.
Sectors that are driving growth plans
Small businesses in the manufacturing sector were most likely to be prioritising the increase of income and new business in the next year (68%, compared to a national average of 48%).
The launch of new service lines and a push to diversify the business was most prevalent among enterprises in the retail sector (45%, compared to a national average of 28%).
In the hospitality sector, small business owners were those most focused on building up financial reserves (30%), whilst reducing fixed costs was a top priority of small business in manufacturing, construction and retail (27% for each)
Need for finance to support growth plans
More than half of small business owners (53%) said they would need more finance to see their expansion plans come to fruition over the next 12-months. Finance was most likely to be needed to help business owners hire new people (27%), launch new services and products (25%) and to help them to compete with larger competitors (23%).
As we all re-emerge from a succession of lockdowns, small businesses are eager to expand over the coming months, having had such an uncertain time of it throughout 2020. It is encouraging to see that small businesses are still standing tall and looking forward at a time when many larger organisations are evaluating the impact of COVID-19.