The majority of North West small businesses are feeling upbeat about 2015 according to a new poll.
The survey of 1000 small and medium sized UK companies, commissioned by Liberis and carried out by OnePoll, showed that 65 per cent of the region’s SMEs are feeling confident about their business for the new year and 54 per cent expect their businesses to grow. However, nearly a quarter admitted they expect their business to decline.
Over a quarter said they would be looking for business funding in 2015. Fifty-two per cent of which are planning to approach their bank, 32 per cent will use their savings and nearly a quarter will use alternative finance providers.
Overall 79 per cent are confident of securing the funding they need.
Not having to provide personal assets as security, the speed of getting funding and the cost of it were the most important factors for SMEs when it came to funding choices.
Top reasons for funding in the new year are for new equipment, day to day business expenses and to pay a tax bill.
On the subject of business worries, cash flow, costs eating into profits and maintaining financial stability were the top three for the region’s businesses.
Liberis CEO Paul Mildenstein said: “It has been a tough few years, so it’s heartening to hear that the majority of the region’s businesses are feeling positive about 2015, but it still looks tough for a considerable number. Getting working capital has been a struggle too, which has made it even more difficult for businesses to operate.”