Following business uncertainty caused by Brexit last year, there has been talk of big businesses relocating HQs overseas. However, 2016 proved that confidence amongst SMEs remained high with market outlook up by a third in three months.
Research carried out in the final quarter of 2016 by Hitachi Capital Business Finance, which asked 1,006 small and medium sized enterprise owners what best described the outlook for their company over the next three months, found an 11% increase in confidence from last quarter. Not only has confidence bounced back, there was a record high in 2016.
The research showed that following a dip due to the volatility caused by Brexit, 43% of the UK’s SMEs feel positive about the future when asked about their outlook.
SMEs in the UK are resilient
“The research goes on to show just how resilient SMEs in the UK really are,” said Gavin Wraith-Carter, Managing Director at Hitachi Capital Business Finance.
We know that things have been uncertain and people are becoming more worried about the value of the pound and what this could mean for UK business. As the core of UK economy, it is encouraging to see that no matter what is thrown at them, small businesses are able to bounce back and turn a negative situation into a positive outcome.
As a provider of alternative finance to small and medium sized enterprises, it is reassuring to have this positivity and to be able to see the bigger picture fully. As our customers grow we grow with them and welcome the news that SME confidence is on the up. Whatever the weather we will always be here to support them.