Nearly three-quarters of UK businesses surveyed in a Barclays Commercial Bank poll now describe their attitude towards the economy as either ‘hopeful’ or ‘excited’, while a similar amount are either continuing to grow or predict they will return to growth within the next 12 months.
The Connecting Business survey found that 57% of respondents characterised their outlook towards the economy as ‘hopeful’, with a further 17% describing their attitude as ‘excited’. Only 11% stated they were ‘worried’ by the general state of the economy.
The research also revealed a confident stance towards recovery, with 15% of respondents believing their company will move back into a sustained growth phase within the next six months and 28% believing this will occur within six to 12 months. Additionally, 29% claimed their business continues to grow.
Ian Stuart, managing director, Barclays Commercial Bank, said: “Confidence is key to recovery and the results of this survey demonstrate a real and growing confidence in UK businesses. The past 18 months have provided an extremely testing environment for many organisations; however, after evolving to meet the challenges of this new commercial landscape, we are now seeing the beginnings of a renewed drive for growth. We believe there is a long way to go before we see a full economic recovery, but it is encouraging to see so many businesses displaying such a positive mindset.”
A significant number of business leaders also stated that the current recession was positively affecting motivation levels of staff and management within their organisation, with 30% of respondents claiming that motivation was increasing and 54% stating that motivation was holding steady.
Other survey findings include:
- 42% of respondents found business organisations and federations an important partner in meeting the challenges posed by the recession.
- Only 5% of respondents believed it would take more than 18 months for their company to move back into a sustained growth phase.
- A significant majority (70%) of business leaders are working towards creating or sustaining a profitable niche, as opposed to the 9% who are focusing on just surviving.
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