Confidence boost for region’s businesses

West Midlands SMEs feeling most confident for 2015.

West Midland’s small businesses are feeling the most upbeat about 2015 than elsewhere in the country, according to a new poll. The survey of 1000 small and medium sized companies, commissioned by Liberis and carried out by OnePoll, showed that 78% of the regions SMEs are feeling confident about their business for the new year and 68% expect their businesses to grow.

Sixty two percent said they would be looking for business funding in 2015, of which 47% plan to approach alternative finance providers for it, while 54% will approach their bank. The majority (74%) are confident of getting the funding they need. Most businesses plan to use the funding to pay a tax bill, followed by purchasing new stock, day to day expenses and to grow the business.

Not having to use personal assets to secure funding or give up a share of the business were the two most important factors for SMEs when it came to funding choices. Respondents felt that alternative finance provided more flexible funding (63%) and that it was easier to apply for and get (57%).

On the subject of business worries, costs eating into profit, managing cash flow and increasing business sales were the top three for the regions businesses.

Said Liberis CEO Paul Mildenstein, “It has been a tough few years, so it’s heartening to hear that the region’s businesses are feeling positive about 2015. Getting working capital has been a struggle too, which has made it even more difficult for businesses to operate, so it’s encouraging that they are feeling confident about securing funding and also looking beyond traditional funders for it.”