Research from The Forum of Private Business shows that 85 percent of members surveyed are positive about 2014 and intend to develop their business during the year.
A total of 30 percent expect to add to their workforce while 15 percent believe work hours will be extended.
In addition, 60 percent will look to target new customers, 42 percent will focus on boosting customer service and 41 percent will push ahead with new product development.
Alexander Jackman, head of policy at the Forum of Private Business, comments: “GDP figures are positive, employment is up and confidence among FPB members has lifted accordingly.
“With one in three looking to employ and one in ten looking to increase hours, small businesses are showing a positive, though restrained, outlook for 2014.”
GDP figures are positive, employment is up and confidence among FPB members has lifted accordingly”
However, worries about time, money and expertise remain as those surveyed listed such issues as their main concerns for 2014.
A total of 36 percent of small business said time will be a major challenge while 26 percent said cash is their biggest concern.
In addition, 13 percent listed a lack of expertise would hold them back during 2014.
Elsewhere, 46 percent said business rates continue to be a concern while 40 percent also highlighted the rising cost of utilities as a major issue moving forward.
A focus on creating stability of regulation for small businesses would be enormously helpful”
That said, the survey noted that just 24 percent saw the cost of finance as a barrier, a significant drop on the 36 percent that cited this as a problem last year.
Jackman adds: “Now is the time to build on the success of deregulation measures introduced and to really push on minimising the impact of some of the big employment law reforms currently in progress.
“A focus on creating stability of regulation for small businesses would be enormously helpful.”
