UK businesses are confident that they will grow this year, while their hopes for economic recovery are falling and raising capital is becoming harder.
A pessimistic view on the UK economy doesn't break business leaders' confidence about their own enterprise, shows the sixth survey of the Investec Entrepreneur Confidence Index.
A third of entrepreneurs surveyed expect the country's economy to deteriorate, and some 27 per cent assume that it will improve. When it comes to their own business, however, 87 per cent expect revenue to grow.
The data shows that business opportunity is absolutely in reach of businesses in the UK, and growth is the unbroken aim of many. Some 75 per cent will grow with the help of new product launches, and half plan to boost their export presence. Hiring is also on the cards, with some 63 per cent planning to grow their team.
The confidence is encouraging, and it comes in a time when access to capital remains difficult for growing businesses. Although alternative finance options are raising new opportunities, only six per cent of respondents to the survey expect accessing capital for their growth plans to be easy. This, however, doesn't seem to keep the other 74 per cent from aiming high.
Below you'll find a video in which Ed Cottrell, Head of Investec's Growth & Acquisition Finance team, discusses the findings in more detail. He stresses that access to finance remains a main barrier to business growth, and that business leaders in the UK find it consistently difficult to come by the capital they need to take their company to the next level.
An infographic presenting the survey data in more detail is below. To follow or join the discussion on these issues, follow #InvestecECI6 on Twitter.