Many SME owners also anticipate a requirement for funding to drive their growth in export sales in the next 12-18 months. Some 93% of SME owners said they expected a requirement for this. Again, those in the 25-34 year old age group were even more likely to say yes to this. For this group, the percentage rose to 96%.
Business confidence in terms of earnings remains high.
When predicting how earnings during business tax year 2022-23 compare to the previous year, more than two thirds of SME directors (67%) predicted they would make more than previous year.
Some 28% predicted they would make the same as 2022-23 tax year, with only 2% saying they thought they would make less than that year (the remainder said they were not sure yet).
Looking at regional variation, SME owners in Northern Ireland, Wales and the Midlands were most likely to anticipate that their SME would make more than the previous tax year, with 81%, 78% and 77% respectively saying this.
SMEs in London were more likely than in other regions to predict that they will make less in the 2022-23 business tax year than the previous year, with 8% in that region saying this.
Identifying areas for growth
Looking at future growth, SME owners identified where they see a need for new solutions or products to help that growth. The most popular area identified was international trade (chosen by 59% of SME owners). This was followed by cash management (52%) and funding (42%).
Barclays provide a range of funding options for SMEs of all sizes.
Whether it’s working capital to help manage cashflow, our innovative payment solutions or assistance with trade and managing risks efficiently.
Talk to us about how we can support your business growth plans. Our expert advisers can help you decide which funding option is right for you.