Small business confidence reaches three year high

It seems that the economy is gaining momentum and confidence amongst small businesses is increasing, according to the latest Small Business Index published by the Federation of Small Businesses earlier this week.

For the first time since the index began in 2010, more businesses are looking to increase the size of their workforce than reduce it. Desire to take on more staff and expand a businesses is a great indicator that firms feel confident in their ability to grow and prosper.

Four of our ten businesses participating in the index reported an increase in revenue in the last quarter, and there was also an increase in the number of firms planning to increase capital investment over the next 12 months.

The confidence index rose to +33.5 in the third quarter of 2013, beating the previous high of 18 which was recorded in 2010. The below infographic from the Federation of Small Businesses demonstrates the growth over the last 3 years.

The full Quarter 3 Small Business Index can be viewed on the Federation of Small Businesses website.

Do you feel that your confidence has increased in the past 3 months? Are you looking to expand your workforce or source new investment in your business? No matter what stage your business is at, IRIS is here to help. We have a range of RTI compliant payroll software suitable for any sized business.

For businesses with fewer than 10 employees, why not look at our free payroll software, IRIS Payroll Basics?