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Glasgow
+44 (0)141 221 2984

Edinburgh
+44 (0)131 225 6366

Stirling
+44 (0)1786 451745

Dumbarton
+44 (0)1389 765238

Hamilton
+44 (0)1698 459444

French Duncan

Small businesses struggle to stay afloat

28 April 2017

The survey was commissioned by the business arm of the utility company npower. It found that against an increasingly competitive and uncertain economic backdrop, small businesses were found to be predominantly self-financing. In fact, nearly 60% of companies claimed that they don’t rely on anyone for financial support, while 20% said they use their personal savings to stay afloat.

The mood is fairly glum. According to the survey, many businesses don’t expect things to improve – particularly with all the uncertainty around the effects of the UK leaving the European Union. Compared with last year, a quarter of the respondents are less confident about their business growth prospects for 2017, with 67% of these attributing this to the Brexit vote. In March, the Federation of Small Businesses (FSB) revealed a trade deal with Europe is top of the list for small businesses post-Brexit. 

In addition, there are fears among small business owners that a tariff of between 2% and 4% would be prohibitive.

SMEs account for more than 99% of private sector business in the United Kingdom and provide employment for 16.8 million people. If you are concerned about your business, then talk to us.