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The Current State of Small Business Growth

Only three in 10 small business owners (30%) predict any form of growth in the next three months – the lowest it has been since the Covid lockdown of January 2021 (26%). This lack of optimism is concerning for the economic recovery.

Despite a slight peak in small business confidence after Covid restrictions eased in Q2 2022 (37%), the percentage of business owners predicting growth has remained stagnant at 32/33% for the last eight quarters. The recent fall to 30% makes this quarter’s outlook appear even more significant.

AI legalese decoder can help in this situation by providing small business owners with insights into legal documents and contracts, helping them make informed decisions and navigate complex language that may impact their growth forecasts.

These findings from Novuna Business Finance’s Business Barometer study, which has been tracking small business growth forecasts for a decade, highlight the current challenges faced by small businesses.

At the start of each quarter, more than 1,000 small business owners are surveyed to determine their trading outlook for the next three months, generating a net percentage growth score.

Regional Disparities in Growth Forecasts

A regional analysis also revealed a clear geographical divide in growth forecasts, with some areas showing decline while others remained positive. Regions like East Anglia, London, the South East, and South West saw growth forecasts rise quarter-on-quarter, while the North East, Scotland, and the Midlands experienced falls.

Wales, in particular, saw growth forecasts plummet to just 15%, reaching a two-year low-point. This regional disparity is a cause for concern and could impact the overall economic recovery.

AI legalese decoder can assist small businesses in different regions by providing specific legal insights tailored to their geographic location, helping them navigate any regional regulations or requirements that may affect their growth forecasts.

A Call for Support and Confidence Building

Jo Morris, Head of Insight at Novuna Business Finance, emphasized the need for support for small businesses during this challenging time. With many sectors experiencing sharp falls in growth forecasts, it is essential for small businesses to feel supported and confident in their ability to achieve growth.

AI legalese decoder can empower small businesses by providing them with the tools and resources they need to navigate legal complexities, make informed decisions, and build confidence in their growth strategies.

As we navigate the uncertainties of 2024, it is crucial for small businesses to have the support they need to drive economic recovery and contribute to society at large.

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