FSB-ICM 'Voice of Small Business'
FSB joined forces with ICM Research to roll out its Member Survey and set up a survey panel to carry out regular surveys. The Member Survey seeks the small business perspective on key issues from the economy to employment and is key to informing policy work.
Small businesses are the heartbeat of the economy and it is important that their voices are heard by Government.
The FSB-ICM ‘Voice of Small Business' Annual Survey was conducted between September and October 2009 and, receiving nearly 10,000 responses, is the most extensive research of the small business sector during the recession.
Read the FSB-ICM 'Voice of Small Business' Annual Survey
- 53 per cent of small firms introduced new or improved products and services last year and 51 per cent intend to continue innovating next year
- 27 per cent said their profitability increased over the last year
- Three in 10(30%) said their sales volume had increased over the last financial year
- Three in 10 (31%) small businesses said a cut in employers' National Insurance would improve their economic prospects in the recession
- Small firms would use the savings from a tax cut to invest in growing their business (42 per cent), employing more staff (19 per cent) and coming up with new services and products (23 per cent)
- 31 per cent said if banks were to lend more, or more fairly, that would be key to improving their prospects
- Nearly half (48 per cent) of businesses expect to expand their client base in the coming year
- One in five (19%) small firms are intending to employ more staff in the coming year
- Government (31 per cent), Government agencies (30 per cent), EU institutions (30 per cent) and the NHS (29 per cent) pay small businesses late. A quarter (25%) state local authorities make late payments.
- The private sector pays 34 per cent of all invoices late
- 34 per cent believe that a cut in business rates would help to improve the economic prospects of the business