Barclays Eagle Labs, a growing network of business hubs across the UK, has found business owners in Northern Ireland are optimistic about future growth.
The company found that 47% of businesses in Northern Ireland anticipate an increase in turnover in the next year.
In addition to this almost three in five (57%t) of businesses in Northern Ireland anticipate hiring more staff over the next year to meet growing demands.
The predicted growth reflects a continued trend, as payments data revealed increased activity among small businesses, with transactions to SMEs across the UK having risen by nearly two-fifths (38%) beyond pre-pandemic levels
Dspite the challenges of the past two years, business owners in Northern Ireland have proven resilient, as 65% of founders would still recommend starting a business to others.
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However, business founders also pointed to the additional support they need to unlock their potential, as more than two in five (43%) Northern Irish business owners responded that access to mentor and investor advice would help to grow their business. Meanwhile, just over half (51%) would like help in accessing networks and 43% would benefit from access to growth programmes, such as business accelerators.
Speaking about the findings, Jon Hope, Director of Eagle Labs at Barclays, said: “It’s great to see the optimism and resilience business owners have shown, despite the challenges faced in the past two years. By uncovering how the ambitions of start-up businesses can be better supported, we’re confident that with the right support and advice, and access to networks and mentorship that we know are crucial, UK entrepreneurs will continue to drive innovation and economic success nationwide.”
To find out more about Barclays Eagle Labs and the network of support available for UK entrepreneurs, visit labs.uk.barclays.
Source: Written from press release.
