Some 50 per cent of business owners are looking to grow their operations, and 42 per cent of these entrepreneurs intend to do this through developing new products and services, according to research from alternative SME lender Fleximize.
Businesses branching out
The study of 129 business owners shows that one in three (33 per cent) plan to expand into new geographical markets, and 27 per cent intend to buy new machinery and equipment.
In addition, 23 per cent have plans to hire more staff and 17 per cent believe they will need larger premises.
Max Chmyshuk, Founder and Managing Partner at Fleximize, said: “We believe businesses are generally feeling more positive about their trading than they were a year ago, and our research shows that half are looking to grow their operations.
“This means that demand for finance is increasing, but between April and June this year, we estimate that seven applications for credit from SMEs were rejected every hour by traditional lenders including banks.”
A brighter outlook
The research also found that 35 per cent believe their revenues are higher than they were 12 months ago, compared to 22 per cent who think they are lower.
Similarly, 29 per cent thought their profits are higher over this time period, as opposed to 23 per cent who think they have declined.