teneric business plans ltd

Small Business Survey February 2005


For immediate release


Small business confidence gathers pace

The second Teneric Business Plans (http://www.teneric.co.uk) Small Business Confidence Survey shows continued optimism for growth prospects amongst small business owners in the UK.

The February 2005 survey shows that 83% of those questioned say they are optimistic for UK economic growth in the next 12 months and 76% believe their business will be better off this time next year.

Peter Hale of Teneric Business Plans says "It is very encouraging that small businesses still show high confidence in the UK economy. Since our last survey in September 2004 that confidence has improved from 81% to 83% this time around (improving to 85% for small businesses trading less than 12 months)."

The survey also questioned small businesses about investment plans. 82% (down from 85% in September 2004) said that they were looking to invest in their business although worryingly 13% were unsure of where to secure the funds they seek (with nearly 30% stating that lack of funding was holding their business back from further growth opportunities).

Again the survey asked how important business planning was in developing a small business. 97% (up from 94%) said that their plan was important with all of those businesses with a business plan having updated it at least within the last year.

Peter adds, "These results suggest that robust planning, personal determination and economic stability are the foundations for successful new businesses and also to support growth for UK PLC in general."

Ends.

Notes for Editors.

Teneric business plans website is at http://www.teneric.co.uk which has a comprehensive range of services and free advice to plan, start and grow a small business including a popular online advice forum.

The survey was conducted in the second week of February 2005 with 572 participants.

The results of this survey and September 2004 survey can be found at:


Comparative Results


Feb 2005Sept 2004
How optimistic are you for the UK economy over next 12 months?
(Those answering very or quite optimistic) 		83%81%

February 2005 full results


Survey Question/Answers Count Percent Graph
1. How optimistic are you for the UK economy over next 12 months?
Very optimistic 76 14.39%
Quite optimistic 361 68.37%
Not very optimistic 83 15.72%
Not at all optimistic 8 1.52%
2. Will your business be better or worse off in 12 months?
Better 387 75.73%
Worse 23 4.50%
Same 101 19.77%
3. How important is a business plan for your business?
Very important 362 71.26%
Quite important 121 23.82%
Not very important 19 3.74%
Not at all important 6 1.18%
4. When did you last update your own business plan?
Within the last 6 months 302 60.04%
Within the last year 74 14.71%
Over a year ago 28 5.57%
I don't have a business plan 99 19.68%
5. Are you thinking of investing in your business in the next 12 months?
Very likely 211 41.87%
Quite likely 205 40.67%
Not very likely 68 13.49%
Not all all likely 20 3.97%
6. Where would you go to get financing to fund this investment?
I don't need finance at the moment 85 17.14%
My own/ company funds 137 27.62%
The bank 106 21.37%
Government grants/ loans 57 11.49%
Equity from my house 25 5.04%
Other lender 45 9.07%
Don't know 41 8.27%
7. How would you go about securing this finance ?
I don't need finance at the moment 149 30.47%
Consult a website I know about 16 3.27%
Consult a business advisor 119 24.34%
Work with my bank 125 25.56%
Consult with my mortgage company 16 3.27%
Don't know 64 13.09%
8. What's holding you back from growth?
Lack of funding 158 29.26%
Government red tape 37 6.85%
Lack of investment 62 11.48%
World economy 29 5.37%
Lack of skills/ knowledge 91 16.85%
Nothing 163 30.19%


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