However, this positive foresight was not universal, with Prospa also reporting that almost nine out of every 10 respondents (87%) were expecting some challenges to their businesses over this same 12-month period.
The most common concerns shared among these SMEs were increased operating costs (40%), rising transportation costs (36%) and unstable revenue (34%).
Inflation (24%) and supply chain disruptions (23%) were also reported as key issues.
This anxiety appears to be reflective of how small businesses had, or were intending to operate, with Prospa’s findings concluding that around 70% of the respondents had either made, or were making, changes to their business.
The most common response to this was towards consumers, with one-third (34%) of this cohort stating they had lifted the price of their products in order to keep their business operational.