Will 2022 Be a Year of Growth for UK Businesses?

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Will 2022 Be a Year of Growth for UK Businesses?

Entrepreneurs in the UK are predicting strong business growth for 2022, as new research from Barclays Eagle Labs highlights support that could help unlock further growth for early-stage businesses.

Almost 60% of business owners are expecting an increase in turnover in the upcoming year, with the South West the most optimistic region, followed by London.

The survey also found that businesses across the UK are set to grow their workforces, with more than half anticipating hiring extra staff.

This prediction in growth reflects a continued trend, as payments data revealed increased activity among small businesses, with transactions to SMEs rising by 37% beyond pre-pandemic figures.

Despite the challenges of coronavirus, business owners have been incredibly resilient, with 66% of business owners still recommending starting a business to others, and only 11% responding that they would not.

However, business owners also mentioned that they would require additional support, in order to unlock their potential, as 29% responded that access to mentor and investor advice would help to grow their business, 28% would like help in accessing networks, and 26% would benefit from access to growth programmes, such as business accelerators.

Jon Hope, Director of Eagle Labs at Barclays, said: “It’s great to see the optimism and resilience business owners across the UK have shown, despite the challenges faced in the past two years. By uncovering how the ambitions of start-up businesses can be better supported, we’re confident that with the right support and advice, and access to networks and mentorship that we know are crucial, UK entrepreneurs will continue to drive innovation and economic success nationwide.”

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