A recent survey has revealed the true extent of concern amongst small businesses when it comes to growth, in light of the government’s autumn budget. In fact, 86% of small business respondents agree that the autumn budget is a cause for concern when it comes to growth.
The Study
The research was taken out by Novuna Business Finance, who regularly survey the market for business attitudes. The study did uncover that optimism for growth has in fact grown amongst small business owners.
Of the 1,000 respondents, 35% nationally are optimistic for growth, an increase from 30% earlier in the year. The most optimistic small business owners are based in London, followed by the West Midlands. Of those who are optimistic about growth, there were still 78% who were concerned about the budget.
Budget Concerns
The biggest concerns about the budget include raises in National Insurance, VAT, and Income Tax, however many policies will adversely affect specific sectors.
For instance, those in hospitality and manufacturing are most concerned with the hike in the minimum wage, which will increase their overheads significantly. Businesses operating in the property sector are concerned with the increases in Capital Gains and Inheritance Tax, which may have a negative effect on house sales.
If you’re worried about how the budget may affect your growth plan, or perhaps you don’t even know where to get started with a growth plan, then it might be worth getting in touch with an experienced team offering business growth consulting services, who can help you with every step of your plan. Business growth consulting services can help identify and solve the barriers to growth, including those that arise from changes to governmental policy.
After an upturn in positive thinking for small businesses, speculation about the autumn budget has set the cat among the pigeons and many small businesses are worrying about how this will affect their growth in the coming months. Only time will tell whether the latest set of government monetary policies will make a difference to the operations of the UK’s small businesses.
