Starling Bank survey states small businesses owners are confident for 2022

By Joy Dumasia

Starling Bank surveyed 1,046 business leaders, seven in ten (70%) say they find it hard to come up with new and innovative ideas on their own, and a similar number (68%) said they want more advice from their peers when it comes to running their business. Two-thirds of small business leaders (63%) feel lonely in their role, which could prevent their company from reaching its full potential.

Despite these concerns, Britain’s small and medium enterprises (SMEs) have a positive outlook for 2022. More than two-thirds of those surveyed are confident for the year ahead (68%), with the average small business planning revenue growth of 11% next year.

Their ambitions are pinned on hard graft and new investment; more than three quarters (76%) are planning record financial investment in their companies, and a similar amount (73%) will devote more time to their business than ever before.1

With small businesses being the UK’s economic powerhouse accounting for 61% of employment and more than half of turnover in the UK (52%) at £2.5 trillion, it’s essential their leaders feel supported for the year ahead. With this in mind, Starling Bank has launched a new initiative to help small businesses reach their full potential.

Take Flight is a support package complete with expert business guidance for all and a bursary for ten companies of £5,000 each is backed by four experienced entrepreneurs, including pilot and serial entrepreneur Carol Vorderman. Each one will be involved in judging Take Flight competition entries, where applicants have to state how they’d use the bursary for their business.

Anne Boden, CEO and founder at Starling Bank, said: “As an entrepreneur myself, I’ve experienced the pressures of spinning multiple plates – it’s a lot to take on when you’re also trying to drive your business forward. I was flying solo when I first started Starling Bank, so asking others for advice and learning from them was invaluable.”

Symmie Swil, Head of SME Banking at Starling Bank, said: “What’s been interesting about the pandemic is how much investment has gone into small businesses – and how many have been created. We want to help keep that momentum going.”