Despite the lingering doom and gloom in the UK’s economy, entrepreneurial businesses are reported to be performing well in 2011, according to a new survey by professional services firm Deloitte.
57% reported revenue growth in line with, or better than, projections made at the start of the year. Only 16% reported revenue ‘significantly’ short of targets.
Entrepreneurs are also optimistic going into 2012, with nine out of 10 expecting their businesses to grow in the next 12 months. 53% were indeed very confident, forecasting double-digit growth.
Three key business strategies were identified as priorities by the survey, which took into account the views of almost 500 entrepreneurs.
17% were looking to increase product/service range, with a further 16% aiming to achieve increased productivity.
15% were looking to target new markets, with Asia being a popular foreign market to expand into. India and China were said to be the main countries inspiring entrepreneurs to expand into Asia.
Bank willingness to lend
However, entrepreneurs are still being met by banks unwilling to help. Approximately one in three reported that banks had met only some or none of their needs in the last twelve months.
48% have seen no change in their bank’s willingness to lend or improve lending terms, as entrepreneurs prepare to stockpile cash or seek other alternative methods of funding, with asset-based lending and invoice finance proving popular alternatives in 2011.
It remains to be seen whether the newest round of quantitative easing (£75 billion to be pumped into the economy) will loosen bank purse strings.
Invoice Discounting and Invoice Factoring
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