Britain’s small and medium enterprises (SMEs) have a positive outlook for 2022 with 76 per cent planning record financial investment in their companies next year.
Starling Bank surveyed 1,046 business leaders and found that the average small business is expecting revenue growth of 11 per cent next year.
More than two-thirds (68 per cent) said that they are confident for the year ahead, while 73 per cent expect to devote more time to their business than ever before.
This planned growth is despite two-thirds of small business leaders (63 per cent) feeling lonely in their role, which could prevent their company from reaching its full potential.
Seven in 10 said they find it hard to come up with new and innovative ideas on their own, and a similar number (68 per cent) said they want more advice from their peers when it comes to running their business.
Starling Bank has introduced a new initiative to help small businesses reach their full potential.
The bank has launched Take Flight, a support package with business guidance and a bursary for companies of £5,000 each. The initiative is backed by four experienced entrepreneurs, including TV presenter and serial entrepreneur Carol Vorderman.
Each one will be involved in judging Take Flight competition entries, where applicants simply have to state how they would use the bursary for their business. The deadline for entries to the Take Flight competition is 14 January.
“As an entrepreneur myself, I’ve experienced the pressures of spinning multiple plates – it’s a lot to take on when you’re also trying to drive your business forward,” said Anne Boden, founder and chief executive at Starling Bank.
“I was flying solo when I first started Starling Bank, so asking others for advice and learning from them was invaluable.”
“What’s been interesting about the pandemic is how much investment has gone into small businesses – and how many have been created,” said Symmie Swil, head of SME banking at Starling Bank.
“We want to help keep that momentum going.”