Despite the difficult situation on the front lines, 76% of business representatives intend to expand their operations in 2023. This is evidenced by the results of a survey conducted as part of the Small Business Sentiment Index. Of these, 28% plan to expand their geographic reach, 26% plan to enter new markets, 25% plan to start selling products abroad, and 21% plan to hire new employees.
Thirty percent of survey participants stated that their planned activities will be funded with cash on hand, 21% will rely on grants from external organizations, and 10% intend to take out bank loans. By comparison, in 2021, 32% of companies in the SME segment expanded using borrowed funds.
The SME Sentiment Index fell from 2.6 points out of a possible 5 to 2.4. 58% of management companies express dissatisfaction with the state of affairs in their industry. 24% of respondents believe that the overall situation is favorable. The survey also showed that representatives of small and medium-sized businesses consider the country’s economic situation to be unfavorable.
42% consider it unfavorable, and 29% consider it catastrophic. However, 44% of respondents stated that, due to the pandemic, the economic situation is on the brink of disaster. 38% of business leaders expect the situation in the country to worsen, while 33% hope for positive changes.