Skip to main content
Cumbria Chamber of Commerce, where business belongs.

Search

For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.

Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

Advice on protecting your wellbeing, self-confidence and mental health from the pressures of starting and running a business.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

Polls show greater optimism among small business owners

16 January 2024

Business surveys published this month suggest that one in two small business owners are feeling optimistic about their prospects in 2024, with many looking to grow.

A survey conducted by small business lender Iwoca has found that 47% of small business owners expect that their turnover will grow this year, a significant jump compared to just 26% at the start of 2023. Over a third (35%) think they personally will be better off at the end of the year, compared to just 16% at the start of 2023.

Despite this optimism, 43% of business leaders say they are pessimistic about the UK's economic future and 64% say the UK is losing its lead compared to other economies globally.

"After a tough year of high inflation for small businesses, it is fantastic to see optimism about growth return. Now that the economic environment is beginning to stabilise, SMEs can see the light at the end of the tunnel and increase their ambitions in 2024." Christoph Rieche, Iwoca ceo.

Small firms plan for growth in 2024

New research from Novuna Business Finance has found that 81% of small business owners are planning to develop their companies in 2024. With around nine in ten small businesses (89%) saying that they still feel the pressures from the cost-of-living crisis, there is an emphasis on increasing business income and sales this year across all sectors. According to the Novuna poll, the top five strategies that small business owners are focusing on are:

  • Increasing new business income and sales (33%);
  • Reducing fixed costs (20%);
  • Diversifying the business, offering new products (18%);
  • Planning ahead with business budgeting (18%);
  • Building up financial reserves (17%).

Political indifference

However, the Iwoca poll has found that small business owners are largely indifferent when it comes to the looming general election. The findings show that 43% of SMEs think a potential change of government would neither harm nor benefit their business and 25% don't know how a change of government would affect them.

In fact, the survey results reveal that 35% of business owners think that none of the current leaders of UK political parties understand the needs of small businesses. Labour leader Keir Starmer narrowly beats prime minister Rishi Sunak, with 23% of businesses stating that he understands SMEs the most, compared to Sunak's 19%.

With increased business costs ranking as the top concern for enterprise in 2024, an energy price cap for businesses (32%) and tax cuts for SMEs (38%) top the list of policies small businesses want to see in election manifestos later this year.

SME employment trends

The latest data from the Office for National Statistics (ONS), released this week, suggests that the labour market is cooling, with wage growth slowing and vacancies falling. However, the Iwoca survey has found that one in four SME owners expects to increase their headcount this year, up from 6% last year.

Many employees are also keen to find new jobs, it seems. The latest Candidate Sentiment Survey by recruitment firm Robert Half has found that 40% of staff plan to change jobs this year, with one in six already on the hunt for work. The findings indicate that salary is a key driver, with 45% moving companies for better pay. Those aged 18-34 are more likely to change jobs than any other age group (56%).

Written by Rachel Miller.

Stay up-to-date with business advice and news

Sign up to this lively and colourful newsletter for new and more established small businesses.