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2012 could make or break a number of small businesses, according to the Forum of Private Business (FPB), as many will face both major challenges and opportunities for growth.
Entrepreneurs will need to continue showing courage to find and maximise new opportunities for growth, in spite of adverse trading conditions caused by lingering economic issues.
Chief Executive for the FPB, Phil Orford detailed some of the issues affecting small businesses currently, “The continuing scarcity of affordable credit, rising late payments, mounting business costs and turmoil in the eurozone, in addition to the perennial problems of tax and red tape, are sapping both cash flow and confidence.”
Despite the major challenges facing small businesses, there is still some optimism among small business owners. In a recent survey by the Forum, more than 25% of its members are planning for growth in the first half of the year, with others reporting stronger orders and turnover when compared to this time last year.
And with 2012 to include major events such as the Queen’s Diamond Jubilee, Euro 2012 and the London Olympics and Paralympics, there is hope that the year could prove to be successful for many small businesses up and down the UK.