Optimistic outlook shown by small businesses

Small businesses are reporting the highest levels of confidence in their outlook since the lockdowns in 2021 according to research by Moore UK.

A survey of 500 directors of UK businesses with an annual turnover between £1m and £30m found that 80% felt confident of meeting their profit targets for 2024 – with 91% believing their profitability will increase next year.

The research showed that nearly half (49%) of businesses are planning to increase their workforce in the next three months while only 6% expect to make layoffs.

Interestingly 44% of owner-managed businesses ‘definitely’ intend to use AI tools such as ChatGPT and chatbots in their daily operations and a further 39% ‘possibly’ intend to. Only 17% reported no intention to make use of this technology.

Adopting and implementing new technology is rated as the third biggest challenge that businesses will face over the next three months ...