Small business confidence rises in southeast, says FSB

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Business confidence in the Southeast is returning to positive territory, according to a business sentiment survey conducted by the Federation of Small Businesses.

The FSB’s quarterly confidence report for the first three months of 2023 has seen a positive rise in confidence among regional SMEs after near-record levels of pessimism were reported for the final quarter of 2022.

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Although revenue remains in negative territory at -5 percent, it’s an improvement on last quarter’s -12 percent. This is above the UK average of -7 per cent.

Looking ahead, SMEs predict a net revenue figure of 22% over the next quarter, anticipating significant economic growth across the region.

17 percent of SMEs increased their employment levels and 13 percent reduced them. This is above predictions from last quarter, where 11 percent forecast an increase and 12 percent forecast a decrease.

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In the Southeast, three-quarters of small businesses increased median wages in the past 12 months, and 70 percent increased median wages by two percent or more.

The net balance for companies looking to expand is 15 percent, compared to a national average of just two percent.

Ian Ross, FSB’s South East Regional Chairman, said: “Hopefully these findings give us reason to rejoice. These positive statistics show that supporting small businesses is important. Despite the economic context, they are investing, they are recruiting and they continue to boost our economy.”