New data has revealed that small businesses in Cornwall are ready and eager to invest after the disruption of the pandemic.

The latest report from FSB (Federation of Self-Employed and Small Businesses) is claiming that almost half of all smaller businesses throughout the county are looking to grow and invest either moderately or rapidly.

The FSB regularly produces reports on small businesses across the country and its latest report focuses squarely on the south west of the UK.

Since the easing of lockdown restrictions and the reopening of the high street, many towns and parishes across Cornwall have attempted schemes to help drive the recovery of their small businesses, and this latest report could show signs that their plans have been working.

In Q1 of 2021, 49% of small businesses in Cornwall and the south west had listed their growth and investment intentions as looking to increase sales and turnover by up to or over 20%.

Read Next:

  • Expert on business futures to help Cornish companies plan for the years ahead

As well as this, one in three firms, or 33%, have stated their intentions to increase their investments over the next three months, with around 11% claiming they'll be looking to decrease what they usually invest.

The number of firms looking to contract or close down businesses is also down on last year, with around 11% of respondents claiming they would be looking to shut down within the next 12 months, a decrease on last quarter, when 21% stated they had the same intentions.

Small business owners were also asked what they saw to be the biggest obstacles to growth over the coming 12 months.

Responses ranged from getting appropriately skilled staff to do the job (33%) and tentative consumer demand (35%) which could possibly be due to the pandemic and subsequent lockdowns.

Read Next:

However, the most common answer regarding obstacles to growth was the general economic conditions within the UK that was perceived as the biggest threat.

However, many Cornish businesses have shown their adaptability during the pandemic and shifted into new modes of operation to continue to deliver their products and services.

The report also states: "In Q1, over half (51%) of small businesses in the South West reported a decrease in revenue over the last three months, as the nationwide lockdown had a considerable impact on spending opportunities for consumers.

"Despite this, some resilience was shown by some South West businesses, with 27% reporting an increase in profit levels over the period."