2015 expected to be a growth year for small businesses

How did your small business fare in 2014? Are you feeling like the UK economy as a whole is stabilising and coming out of the murky water so you can experience more profitable trading conditions once more? The Federation of Small Businesses (FSB) have published statistics showing that 2014 has on the whole shown growth for small business owners, particularly in the final three months of the year where productivity is estimated to have grown 1.1%. In this same quarter, 16% of businesses reported an expansion to their team whereas only 11% reported reductions. This goes in line with statistics that UK unemployment is at it’s lowest in six years. 5.8% unemployment figures seen in the period September – November 14, the lowest since 2008. Office for National Statistics Whilst 62% of small business owners are optimistic for 2015 and predicting growth within their business, 22% still report that the inability to obtain finance is a limiting factor to progress further. This is compared to 11% last year.

Ensure you are setting off on the right foot in 2015 by preparing a financial forecast to predict your business growth.

For help with ensuring your commercial business grows to meet your financial expectations, contact Figurit who specialise in helping London based commercial business owners develop their business and save tax. T: 020 7376 9333 E: info@figurit.com