Report also shows businesses stockpiling cash to offset lending woes.
A new report has revealed that 57% of the UK’s entrepreneurial businesses have met their revenue growth projections over the past year, with 57% reporting figures in line with or surpassing their expectations.
Although 37% saw revenues fall below their ambitious forecasts, only 16% slipped significantly short of their targets, according to the survey by professional services firm Deloitte.
It said optimism remains strong among entrepreneurs, with nine out of 10 anticipating their business will grow over the next 12 months. 53% forecast double-digit growth and 38% believe sales will grow up to 10% year-on-year.
A third of entrepreneurs cite organic growth as their main growth strategy over the next 12 months, while a fifth will be focusing most heavily on the development of new products and services.
Half of entrepreneurs intend to use cash generated from their business as their primary source of growth, with just a fifth looking to secure bank loans.
Tony Cohen, head of entrepreneurial business at Deloitte, said that entrepreneurs have been waiting impatiently for lending conditions to improve since the credit crunch began.
“It is telling that a large proportion of entrepreneurial businesses are still stockpiling cash and nearly a quarter are saying they do not use bank financing for the growth of their business,” he said. “As a group, entrepreneurs feel better served by banks than in the last few years, though frustrations remain for a large minority.”