SJD Accountancy

UK Contractors: UK smaller businesses confidence grows

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A new survey has revealed that small businesses, such as Limited company contractors, are optimistic about their financial prospects for the year ahead. 

Findings from BSI, the business standards company, revealed that 56% of the UK’s smaller sized businesses are positive with regards to their future finances.  According to the findings, many are also looking to new markets both at home and overseas for growth.

Just 13% of those surveyed said that they expect their annual turnover to shrink.

Howard Kerr, Chief Executive of BSI commented, “Confidence in an improving economy is being felt ever more strongly across British enterprise, but this needs to be matched with a confidence in capability. Chasing growth means making tough choices on whether the benefits of expansion outweigh the risks. Small firms must ask themselves whether they possess the confidence to chase excellence rather than settling for mediocrity.”

He added, “The Chancellor’s ambition to double the value of UK exports by 2020 requires a sea change in attitudes amongst small firms to overseas markets. Currently just a fifth export overseas, despite a recognition of the benefits to be gained. 

“Adoption and certification to internationally recognised standards can never be the whole answer, but it can help build confidence and trust, as well as unlocking new opportunities.

“Management Systems Standards such as ISO 9001 have helped countless small firms demonstrate a commitment to delivering quality products and services, while others have showcased environmental efficiency and information security credentials.” 

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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