Small businesses have reported growth this year, with 37% saying their business has grown over the last quarter. This is according to the latest SME Risk Index from Zurich.
Small businesses also displayed their confidence for 2014, with 56% saying they think the economy will improve over the next year, compared to just 37% who gave the same answer this time last year.
A relatively low 68% of small businesses are concerned over the economic climate, compared to 84% in last year’s survey.
However, small business owners have highlighted some specific concerns about doing business in the next 12 months. The number concerned about workforce challenges due to economic growth has risen from 32% to 40%, and the biggest concerns are key person dependency (34%), availability and retention of a skilled workforce (27%) and employee morale and stress (23%).
Richard Coleman, Director of SME at Zurich Insurance, said “It’s clear from our latest Index that, in line with recent official reports and figures, British SMEs are back on the path to growth.”