“SME owners continue to adapt and flourish”
According to a recent survey, young small business owners have the highest level of confidence in their prospects for the next year.
Over nine out of ten Gen Z entrepreneurs (94%) say they’re ‘confident.’ A third go even further and state they’re’very confident.’ They’re looking forward to 2025.
Love Energy Savings, a business utilities retailer in the UK, commissioned a survey of 1,000 small and medium businesses owners.
Millennials are the next most optimistic group of business owners, with 83 percent stating they are confident in their business prospects.
The Federation of Small Businesses reported a recent drop in confidence among small businesses.
Love Energy Savings research suggests that this decline will be primarily driven by those over 45. Over half of the 45-54 age group (56%) are confident, compared to younger people, while the number is slightly lower (53%) for those over 55.
The Bolton-based retailer of business utilities maintains that despite the rising tensions in anticipation of the expected bleak Autumn statement, the results of their new study reflect the resilience, optimism and hope of SME owner.
Since almost a decade ago, UK small businesses have faced constant challenges in their business and have had to adapt to a constantly changing economic landscape. This could be due to Brexit or the pandemic. It could also be because of inflationary pressures or supply chain problems.
Despite this, nearly nine out of ten (88%) British SMEs recommend starting a business by 2025.
Phil Foster, Founder and CEO of Love Energy Savings, said, “It is incredibly encouraging to see that so many SME owners are looking forward with optimism and confidence in the New Year.”
“At Love Energy Savings, we are always looking for solutions. It’s evident that we share this mindset with SME leaders across the country, who represent a significant portion of our client base.
SME owners are adapting and thriving, whether it is reinvesting the money they save by switching energy providers, streamlining processes or adapting to an increasingly digital market. This is where their optimism comes.
www.loveenergysavings.com
The first time HR news published the article MAJORITY GEN Z OWNERS OF SME ‘FEEL CONFIDENT” GOING INTO 2020.
