Economic analysts are predicting a major investment drive for small and medium-sized enterprise (SME) owners this year.
According to the Manufacturing Advisory Service (MAS) Barometer, 86 per cent of firms are expecting to spend on capital equipment during 2014, with each respondent planning to spend an average of £121,000.
Given that there are around 80,000 SMEs in the UK, this could amount to billions being spent over the next 12 months, kickstarting the upturn that many industry experts have been predicting.
A need to boost quality and efficiency was the main reason why nearly one in three (31 per cent) businesses were looking to invest, while a similar number (30 per cent) were hoping to spend to help them develop new processes or products.
The head of the MAS Steven Barr said: “The fact that more companies are applying for grants and the Regional Growth Fund means awareness of available support is rising and I’m encouraged that some firms are also using their own in-house funds.
What are your plans for 2014? Are you looking to reinvest?
The Secret Businessman