2.5% of businesses in manufacturing anticipating permanent closure in 12 months

A new report by global expenses app, ExpenseOnDemand, revealed that more than half of small businesses (54%) are expecting to grow in 2022 as optimism rises to highest level since 2019.

The report showed that at a regional basis, growth aspirations were highest in London with 57% of businesses expecting growth, compared to the lowest figure of 29% in the combined Northeast/Yorkshire regional cluster. In terms of business sectors, manufacturing was the most pessimistic about 2022 with a mere 36% expecting growth, and 2.5% of businesses in this sector anticipating that they will permanently close at some point in the next twelve months.

Sunil Nigam, Founder at ExpenseOnDemand, commented: “It is great to see so many small business owners and directors feeling so positive about 2022. This growth is being driven by economic demand and the increase in tech solutions available to help seamlessly manage many aspects of running a business.”