According to the Federation of Small Business (FSB), small business confidence is positive after six consecutive quarters of a negative economic outlook. This is sparking hopes for a brighter 2024 for small businesses.  

As part of its quarterly Small Business Index (SBI) for Q1 2024, FSB surveyed 967 small business owners and sole traders between 25 March and 8 April 2024. The results show positive signs for small businesses despite continued pressures. 

The index found that confidence shot up by over 20 points to reach +5.5 points in the first quarter months of 2024. Notably, almost all sectors saw confidence growth. Manufacturing saw the is the most positive with +19.2 points while the industry with the lowest outlook was accommodation and food services. Although the outlook is still negative for those in accommodation and food services the industry did see the largest confidence jump when compared to the previous quarter. 

The only industry that saw confidence decrease was the communications sector. However, it remains in a positive place with +7.1 points.  

Discussing the findings, Tina McKenzie, FSB’s Policy Chair, said: “Having small business confidence back in positive territory in the opening months of 2024 is a relief, after two years of it being underwater, and following on from a particularly difficult end to last year. 

“Our latest Small Business Index report for Q1 found that small firms’ overall confidence level rose into lightly positive territory after six straight quarters below zero, raising hopes that this year will be a brighter one for small business performance than the recent past. 

McKenzie added: “Small firms may finally feel able to leave the survival mode they entered in order to cope with the successive blows of the pandemic, the cost of doing business crisis, and soaring energy bills. 

The domestic economy remains a big challenge as far as expansion plans are concerned, but if it performs better than expected, that could give small businesses the opportunity they have been waiting for to grow and flourish."

As McKenzie rightly points out, there are still industries and businesses that are facing challenges. The Help to Grow: Management Course is designed to enable business leaders to develop the skills to weather difficulties or take advantage of an improving economy. 

With 50 hours of learning created by business experts, mentoring, and peer group sessions, it could be just what you need to increase your confidence and leadership skills. 

You can find out more about the Help to Grow: Management Course here.  

Ready to grow your business?

With 60 business schools around the UK, there will be a Help to Grow: Management Course starting near you soon. Don't miss your chance to register.

Related articles

News
6th May 2025
Presentation, coaching and meeting with business woman and tablet for research, training and project management. Idea, strategy and data analysis with ceo and people in office for brainstorming chart

79% of SMEs have skills gaps but employees are finding development barriers

79% of small to medium sized enterprises have skills gaps according to the Chartered Institute of Management Accountants (CIMA). Discover what you can do.

News
9th April 2025
Help to Grow Management alumni in a group photo

Alumni Connect and Thrive at Help to Grow: Management Event

The 2025 Alumni National Conference saw over 350 Help to Grow: Management alumni gather in London. Find out some of the key takeaways.

News
4th April 2025
Group of winners at the National Mentoring Matters Awards

Mentors and Mentees celebrated at the Mentoring Matters Awards

The 2025 National Mentoring Matters Awards celebrated the hard work of the mentors on the Help to Grow: Management Course as well as the mentees.