The latest survey from business lobby group, the CBI, found that almost 60% of firms feel more optimistic than six months ago. The survey also shows that almost a quarter of firms have increased staff numbers during the same time frame. Increased activity in the banking and finance sector suggests an interesting raise in consumer and SME confidence, with more demand for finance products after a prolonged period of liquidations, layoffs and low levels of investment.
With the British economy relying strongly on confidence, this is encouraging news for small businesses, many of whom have felt abandoned by the sudden fall in availability of credit and support from the banking sector. With more businesses starting to talk the language of recovery, we feel that Britain could be at the beginning of a self-fulfilling prophecy.
So what does this mean for you as a small business owner? Whilst it might be tempting to see these stories as the start of the proverbial dawn, as surely they are – we also feel the need to recommend the need for sound planning to prepare your company for the potential upturn in business that you may soon see. Do you have enough finance available to you to fulfil a sudden influx of orders? Do you have the staff in place to process them? Do you have a plan for training and investment, good uses of new profits? Do you have an up to date three year plan, with measurable and achievable steps identified?
If you answered no to any of the above questions, then it would be worth your time to give us a call on 01865 784462 to find out more about how our firm can help you plan for the future.