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A new study reveals that more than three quarters (77 per cent) of UK small and medium-sized enterprises (SMEs) are feeling confident about their future, despite the Brexit-related challenges and uncertainties ahead.
The research, which was carried out by CitySprint, suggests that Brexit blues haven’t dented small businesses’ ambitions, with 51 per cent of firms actually feeling more confident today than they did 12 months ago – and many more citing big growth plans for the short and medium-term.
Meanwhile, 89 per cent of respondents said that they were either in the same or better financial shape than this time last year, despite Brexit-related uncertainties.
Interestingly, less than a third (30 per cent) of SMEs believe that Brexit is the number one obstacle facing their business, while almost half (46 per cent) of firms told CitySprint that they had done nothing to prepare for Britain’s departure from the European Union (EU).
Among smaller firms with an annual turnover of between £100,000 and £999,999, this figure rose to 55 per cent.
This suggests that some businesses might be underestimating the challenges ahead, and the wider implications Brexit might have for businesses, the study’s authors said.
Patrick Gallagher, Chief Executive of CitySprint, said: “It’s encouraging to see that small and medium businesses have continued to maintain their optimism, with confidence actually growing year-on-year even in the face of uncertain economic times.
“But with Brexit just around the corner, it’s worrying that the smallest members of the SME community are the least prepared for it, with the large majority having no plans in place yet.”
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