SJD Accountancy

UK contractors: Entrepreneurs are confident about future prospects

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UK contractors have seen considerable business growth over the past year, which has resulted in 83% of entrepreneurs increasing their headcount within this time frame.

Research from Ernest & Young (EY), surveyed over 200 entrepreneurs to assess how their firms have performed in recent years and whether they expect to grow in the future, as well as to gather their views on the factors that they feel can help or hinder growth.

Of the 83% of respondents who have increased their headcount, over a quarter (28%) of these businesses creating more than 50 new jobs.

EY found that three quarters of entrepreneurial businesses (75%) have seen growth in their turnover in the last year with over half (57%) witnessing a turnover increase of more than 5%.

Ninety-three per cent expect their turnover to increase in the next three years.

Stuart Watson, EY’s Entrepreneur of The Year UK Leader, said, “Over the past 12 months the UK’s economy has strengthened, and this is reflected in the confident mood amongst these businesses. Entrepreneurs have been recruiting in significant numbers and seeing reasonable growth over the past year. But more importantly more than half are planning ahead for double-digit growth. Britain is open for business and the UK’s entrepreneurs are leading the way in terms of increasing their turnover and their headcount.”

He added, “Overall the future looks bright for UK entrepreneurs, with many delivering strong performance in recent years, and expecting good times ahead. However, our survey highlights that while businesses are increasing headcount at a considerable rate and are expecting to grow even more over the next year, the right people may not be there to fuel that growth.

“For entrepreneurs to sustain their growth plans, they need to demonstrate fresh thinking and an innovative approach to attracting talent from a global pool. This will help them stay ahead of the curve as the economy recovers and the war for talent intensifies.

How much could you be earning as a contractor? Type in your daily or hourly rate into our contractor calculator and see how much you could be taking home.

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