Tuesday, 13 September 2011 11:16
50% of survey respondents see growth of more than 6%.
Despite the turbulence in the wider economy, the UK’s small businesses are still highly confident about their prospects over the next 12 months, with the vast majority of CEOs forecasting strong growth, new research shows.
According to the ECI Growth Survey 74% anticipate growth in headcount, with 50% of total respondents seeing growth of more than 6% (up from 30% in 2010).
60% of respondents expect to see double digit growth in turnover over the next 12 months and 50% expect to see profit growth of 16% or more.
70% respondents cited increasing international sales as being a growth driver over the next 12 months with this year’s survey also revealing more appetite for cross-border acquisitions.
Continued emphasis on sales and marketing and new product development are cites as the key drivers of organic growth.
Mark Prisk, Minister of State for Business and Enterprise, commented: "It’s good news that despite a tough few months, nearly three quarters of the SMEs surveyed by ECI are looking to recruit over the next year and half expect to see substantial profit growth in that period.
"Up and down the country, it is Britain’s SMEs that are driving our economic recovery."
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