Small Business Confidence Sky High

A recent survey by Teneric Business Plans reveals that confidence amonsgt small business owners is higher than expected

(PRWEB) October 25, 2004 -- Despite a spate of gloomy forecasts coming out of some sectors of the economy, confidence is exceptionally high among start-up companies. A survey conducted by small business experts, Teneric reveals that over 81% of fledgling firms believe that their businesses will see growth in the next twelve months and are optimistic for economic conditions in the year ahead.

87% of small businesses also said they planned to invest in their company over the next twelve months, but lack of funding was highlighted as a barrier to growth by almost 40% of firms. Not surprising given that just over one in ten companies were unsure about where to go to source finance. Just 12% of companies said they would seek a Government grant or loan even though there are many schemes available for SMEs. Instead personal funds and bank loans were the preferred options.

Peter Hale, director of small business advisors Teneric, (see http://www.teneric.co.uk) comments: Confidence among entrepreneurs is currently very high and this is evident in the findings of our survey. While successive interest rate rises have made the business community somewhat apprehensive; these companies remain firmly committed to growth.

However the lack of awareness about funding does cause concern and small businesses should ensure they are aware of all resources available to them, particularly through Government-backed schemes."

The research also looked at the importance of business planning in growing a successful company. 94% of companies surveyed said that a business plan is important for growth. Of these, 70% have developed or updated their plan within the last year, suggesting that business success is certainly aided if not dependent upon an up to date and meaningful business plan.

Peter Hale concludes: Without clearly defined and realistic targets, which are reviewed on a regular basis, businesses will not achieve their full potential. Although confidence is high among small businesses, this must be matched with strategic planning to reach the ultimate goal of broadening market share and maximising profits."

For further information contact Peter Hale at Teneric Business Plans on 0845 108 0347 or the website http://www.teneric.co.uk

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