Overcoming challenges is what business does

The SME sector proves time and time again just how resilient it is – whatever challenges are thrown at it.

By Paul Spencer, director, Haworths

Take the latest report from the Federation of Small Businesses, which is based in Lancashire.

It reports that, despite all the uncertainty over Brexit, confidence among the UK’s small business community has risen in recent months and now stands at a one-year high.

More than a third of small businesses expect their performance will improve over the coming three months. And less than a quarter believe performance will worsen.

On top of that the proportion of businesses saying that their gross profits are steady or increasing is also at a 12-month high, as is the share of exporters who report international sales are stable or heading in the right direction.

The picture is equally rosy when it comes to growth. Of the firms quizzed, 88 per cent revealed plans to remain the same size or expand in the coming year. And that optimism comes despite weak domestic growth.

As the FSB’s national chairman Mike Cherry says business owners are determined to grow despite the barriers they face, including securing investment.

Brexit continues to cast its shadow. And there is the danger of the confidence that is being shown by our SMEs fading if no real progress is shown soon.

And while all eyes are on Brexit it is worth pointing out that the survey reveals the domestic economy remains the number one barrier to small business growth, with access to appropriately skilled staff and labour costs also flagged.

Lancashire’s small businesses are no strangers to a myriad challenges. Time and time again they find the solutions to overcome them. And as Lancashire Business View’s Hot 100 reveals, they’re pretty good at making money and delivering jobs. It’s what they do.