Nearly three quarters of UK businesses surveyed in a recent Barclays Commercial Bank poll now describe their attitude towards the economy as either ‘hopeful’ or ‘excited’, while a similar amount are either continuing to grow or predict they will return to growth within the next 12 months.

The Connecting Business survey*, carried out at Barclays Commercial events held at locations across the UK, found that 57 per cent of respondents characterised their outlook towards the economy as ‘hopeful’, with a further 17 per cent describing their attitude as ‘excited’. Only 11 per cent stated they were ‘worried’ by the general state of the economy.

The research also revealed a confident stance towards recovery, with 15 per cent of respondents believing their company will move back into a sustained growth phase within the next six months and 28 per cent believing this will occur within 6 to 12 months. Additionally, 29 per cent claimed their business continues to grow.

Ian Stuart, Managing Director, Barclays Commercial Bank, said: “Confidence is key to recovery and the results of this survey demonstrate a real and growing confidence in UK businesses. The past 18 months have provided an extremely testing environment for many organisations; however, after evolving to meet the challenges of this new commercial landscape we are now seeing the beginnings of a renewed drive for growth.”

“We believe there is a long way to go before we see a full economic recovery, but it is encouraging to see so many businesses displaying such a positive mindset.”

A significant number of business leaders also stated that the current recession was positively affecting motivation levels of staff and management within their organisation, with 30 per cent of respondents claiming that motivation was increasing and 54 per cent stating that motivation was holding steady.

Other survey findings include:
-  42 per cent of respondents found business organisations and federations an important partner in meeting the challenges posed by the recession.
-  Only 5 per cent of respondents believed it would take more than 18 months for their company to move back into a sustained growth phase.
-  A significant majority (70 per cent) of business leaders are working towards creating or sustaining a profitable niche, as opposed to the nine per cent who are focusing on just surviving.

The research was conducted as part of Barclays Commercial’s Turning the Corner initiative which combines practical guidance, workshops, industry discussions and networking events to offer business owners and managers specific skills and knowledge that will help them in meeting the unique challenges, and identifying potential opportunities, the current recession presents.

Contributed by Barclays