Business development · 23 February 2017

Optimism highest amongst youngest businesses despite uncertainty

Confidence is high among new businesses despite Brexit worries
Confidence is high among new businesses despite Brexit worries
Irrepressible optimism is a common trait amongst small UK business owners at the start of 2017, despite them facing the most uncertain economic and political time in recent history, new research has shown.

Confidence is highest amongst very young businesses, with as many as 94 per cent of owners at one year-old ventures, and 84 per cent of those from two year-old firms, stating they felt more confident about their prospects going into 2017 than in 2016.

The figures, published in accounting software platform Xero’s latest Make or Break? report, revealed over three quarters of small business owners felt confident about their company’s chances of survival this year, and nearly a fifth expected 2017 to be a turnaround? year for their firm.

Commenting in the figures, Xero’s co-founder and managing director, Gary Turner, said that it was encouraging to see such high confidence levels amongst new business owners.

given the importance of small business health on our economy here in the UK, it is fantastic to see that small business owners are feeling so confident about the future, added Turner.

The report revealed the reasons why new and small business owners may be feeling confident going into 2017.

Cutting red tape

Nearly a fifth of small UK business owners in Xero’s survey were confident Brexit would reduce some of the bureaucracy and regulation around doing business, increasing their ability to trade with local partners as a result. Therefore, some 74 per cent of small firms remain confident about the future despite Brexit.

Shunning traditional office structures


 
TAGS:

ABOUT THE EXPERT

Fred Heritage was previously deputy editor at Business Advice. He has a BA in politics and international relations from the University of Kent and an MA in international conflict from Kings College London.

Entrepreneurship