According to a recent survey by Shawbrook, businesses 86% of their respondents are “expressing optimism” for the year ahead.
If you’re in retail, hospitality and food and drink there are definite signs of recovery.
Retailers in the UK reported a 0.5% rebound in July sales, according to the Office for National Statistics.
The UK hospitality sector is witnessing a resurgence, with an average of five new venues opening daily over the past quarter. This is according to the latest hospitality market monitor by CGA by NIQ and AlixPartners.
Also, the UK food and drink manufacturing sector experienced significant growth, scoring 59.2 on the Lloyds Bank UK Sector Tracker for July, up from 56.9 in June.
The economy also grew by 0.6% in the second quarter of the year, marking the second consecutive quarter of growth.
But we are not out of the woods quite yet.
Insolvency levels in England and Wales remain significantly elevated, with a 16% year-on-year increase in July, totalling 2,191 company insolvencies.
So, if you are a SME with expansion plans you need to remember a couple of things.
Recent research by Probrand indicates that 69% of UK small businesses are using weak passwords, exposing them to significant cyber security risks. The study, which assessed numerous SMEs, found that 47% lacked up-to-date anti-virus software, while 15% had no firewall protection.
As ever, you need to pay attention to your cash flow.
We have a free download to help you:
Download our free cash management tool here to help you https://lnkd.in/ee3pfuGa
And if you want to talk over your expansion plans we’re happy to help. Just get in touch.