Increasing numbers of small businesses are hatching plans for growth, according to new research.
A survey conducted for Novuna Business Finance shows expansion plans among SMEs are at a three-year high.
An impressive 71 per cent of UK small firms are working on strategies to improve their future prospects.
Sectors where there is a year-on-year peak include manufacturing (86 per cent), construction (75 per cent), agriculture (74 per cent), hospitality, IT/telecoms (74 per cent) and finance/accounting (70 per cent).
The survey by YouGov for Novuna Business Finance also shows that current priorities for companies include cost control and improving cash flow.
Among those looking to invest in growth, 18 per cent are looking for help to fund new equipment.
Around 12 per cent of small businesses are re-assessing their funding arrangements with lenders.
At the same time the prospect of stimulating growth by expanding into overseas markets has hit a 17 per cent low – thought to be an effect of the Brexit legacy on SMEs.
Commenting on the headline finding of an increase in growth strategies, Jo Morris, Head of Insight at Novuna Business Finance, said: “If business owners are working on future growth initiatives now, we should see an uplift in the overall proportion of businesses reporting growth during the autumn and winter months.”
In recent months, Daily Focus has reported on growth at firms including HMM Mechanical and Building Services, in Stoke-on-Trent, which has secured a grant to enhance headquarters and support future growth.
