Nottingham is England's top city for small business growth, report says

A growth rate of 34 percent is anticipated among the city’s small companies, massively outperforming the wider economy, which is currently growing at two percent according to the Office for Budget Responsibility.

Following a survey of 1,200 small business owners nationwide by Square – Twitter founder Jack Dorsey’s payments firm – the report ranked cities based on their growth potential for small businesses.

It looked at regional differences including business confidence levels, growth expectations, technology adoption and infrastructure.

Nottingham came second only to Belfast out of 15 UK cities, while London was 10th.

Small firms in Nottingham were confident overall, with 66 percent saying they were “confident” or “very confident” about the business environment, including their ability to hire, expand and invest.

Confidence may be buoyed by a strong local community in Nottingham, with 65 percent of consumers saying they already do – or would – shop locally in the future.

The city was also said to boast “great access” to some of the highest broadband speeds in the country and a healthy number of start-ups keeping the city competitive.

Commenting on the report findings, Sarah Harvey, UK lead for Square, said: “Much of the conversation about economic growth focuses on London and big business but, interestingly, this research shows that it’s small businesses from all around the UK that are driving economic optimism.

“This study shows us that small business owners are feeling relatively confident about their growth potential, even during uncertain economic times.

“In part, that’s thanks to the growth of technologies that level the playing field so businesses of all sizes and in all parts of the country have a fighting chance of success.”

Emma Jones MBE is founder of Enterprise Nation, the UK’s leading small business community and campaigning voice for small business.

She said: “This country has such an exciting culture of entrepreneurship, so I’m not surprised that this study shows SMEs to be feeling confident about their future growth.

“However, we also know that setting up and running your own business is extremely challenging and incredibly hard work, especially with the current pace of technological change and innovation.

“With the uncertain economic conditions ahead, it’s more important than ever that business owners have access to the support, tools and information they need to thrive, and that as consumers, we all continue to support local and independent businesses across the UK.”

Click for source article from Nottingham Post