Owners of small businesses in the UK are feeling more optimistic about the future, new figures show.
A survey of 500 small firms across the nation for the American Express' Small Business Barometer found that 88 per cent had grown revenues so far this year – up from 43 per cent last year.
This means the majority are hitting or beating their own targets, with almost half reporting “significant growth”, amounting to 11 per cent or more.
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This improvement in business outcome is reflected in sentiment about the overall business climate, with 44 per cent of the entrepreneurs questioned saying they thought now was a better time to start a business in Britain than three years ago.
Stacey Sterbenz, from American Express Small Business Services, said:
Small businesses make a significant contribution to the economy so the positive picture that our research has revealed is very encouraging, not just for the present time but also as an indicator for future economic growth.
The current uplift is not viewed as a temporary boost, with most small businesses expecting growth to accelerate further. Over the next 12 months, firms hope to increase turnover by an average of 24 per cent, which is 33 per cent higher than current performance.
When asked to identify what would help their business to prosper further, more than half said entering new markets would make a considerable difference. Having a better grasp on social media was also ranked highly.