Small firms defy Brexit fears with investment plans
ALMOST three out of four of smaller firms intend to invest in their businesses over the coming year despite Brexit concerns.
The Small Firms Association (SFA), which conducted the survey, said the findings showed that firms are Brexit-proofing their business.
Areas in which firms are focusing their investment on include brand development. This was cited by 21pc of firms as an area in which they intend to fund, according to the survey.
Another area in which they plan to invest in is staff, cited by 19pc of those surveyed as an area in which they will be increasing funding in.
Other areas for investment plans include IT and market diversification.
SFA chairperson Sue O'Neill said: "It is very positive to see that 51pc of SFA members are growing and 72pc intend to invest in their business over the coming year."
The numbers planning on investing in their business is up from 65pc six months ago.
Ms O'Neill said it was a clear sign of growing confidence in the sector.
She added that firms are now realising the importance of Brexit-proofing their business. The survey was conducted in May and received responses from more than 740 firms.
Just 7.9pc of those surveyed said that their current financing priority was new borrowing.
The SFA said that the results also indicate that business owners are restricting their growth ambitions to what they can finance from retained earnings or personal savings.