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You are at:Home»Features»8 In 10 Small Businesses Backing New Growth Plans For 2025

8 In 10 Small Businesses Backing New Growth Plans For 2025

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Posted By sme-admin on December 11, 2024 News

More than eight in ten (81%) UK small businesses are prioritising new initiatives to boost their overall growth prospects for 2025. Increasing new business sales (43%) and reducing fixed costs (24%) are priority areas business owners want to focus on – but there’s also evidence the recent changes to employers’ National Insurance could significantly impact hiring plans for 2025. Nationally, only 7% of small businesses surveyed are prioritising making senior hires for 2025 – and only 9% of small business owners plan to hire young people that they can train and develop.

The findings are from the quarterly Business Barometer study by Novuna Business Finance, and the new data suggests the firm resolve by small businesses to invest in business development for 2025 follows resilient growth forecasts for this current quarter. Nationally, the percentage of small businesses experiencing quarterly growth stands at 35%, as the period since July 2024 represents a two-year high in small business growth forecasts.

Regionally, growth planning for 2025 is being driven by the same regions that reported a strong growth outlook for Q4 2024. Small businesses in London (94%), the West Midlands (83%) and North East (83%) are most likely to be investing in future growth projects for 2025 – and these were the same regions that have enjoyed an upturn in growth forecasts this quarter.

By industry sector, small businesses in the media (92%) and manufacturing (90%) sectors are most likely to be prioritising new growth initiatives for 2025 – and the Novuna data shows there are year-on-year increases across five industry sectors – manufacturing, construction, retail, media and agriculture.

Percentage of small businesses prioritising new growth initiatives for 2025 in order to make their business stronger – results by sector 

Q4 2024

Q4 2023

Media

92%

87%

Manufacturing

90%

83%

IT / Telecoms

87%

88%

Retail

85%

82%

Hospitality

83%

86%

Agriculture

79%

75%

Construction

79%

76%

Finance & Accounting

79%

83%

Medical Services

75%

83%

Legal Services

67%

79%

Real Estate

72%

79%

Transport & Distribution

70%

78%

Top 10 initiatives to power growth in 2025

Nationally, more than two in five small businesses are looking to increase new business income for 2025 which, for one in five, involves diversifying their business model and developing new products and services. Financial prudence is also seen to be key for the year ahead – both in terms of doing more to tackle fixed costs and building up financial reserves.

National

average

Sector most likely to be doing it

Region most likely to be doing it

Increasing new business income/ sales

43%

Manufacturing – 51%

North West -52%

Reducing fixed costs

24%

Hospitality & Leisure -36%

North East -35%

Building up financial reserves

23%

Hospitality & Leisure -31%

Yorkshire/ Humber -33%

Diversifying the business, offering new service lines/ products

21%

Medical Services – 31%

Yorkshire/ Humber -28

Planning ahead with business budgeting

20%

Manufacturing -25%

Wales -31%

Advertising online to increase awareness or sales

18%

Retail -24%

North East -24%

Invest more money in marketing the business to raise awareness of our brand and services

16%

IT & Telecoms –

24%

London and South East -21%

Spending time investing in the people that already work at the company

14%

IT & Telecoms –

20%

West Midlands -23%

Having more contingency plans in the event of prolonged market   uncertainty

12%

Construction -18%

Wales -17%

Expanding into new geographical markets

12%

Medical Services-20%

London -22%

Investing more time/ money to improve the digital the capabilities of the business

12%

Medical Services -19%

London -26%

Joanna Morris, Head of Insight at Novuna Business Finance comments: “A lot of attention in recent weeks has been on the Autumn Budget – and whilst our data suggested that 86% of UK small business owners were fearful of Budget announcements, in truth small businesses finish 2024 in a resilient position. The percentage of enterprises predicting growth has been at a two-year peak since July and, on top of this, a huge proportion are already prioritising growth projects to invest in for the year ahead. At Novuna Business Finance, we are committed to helping established businesses to fulfil their true potential to ensure the resurgent confidence of small businesses can be further built on in 2025.”

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