In the run-up to the Allica Bank Great British Entrepreneur Awards on Monday, 17th November, a new survey of 534 established business owners by Allica Bank reveals that while many businesses continue to navigate tough conditions, investment plans remain strong.

The findings highlight a cohort that, despite rising costs and economic uncertainty, remains firmly focused on the future. While 62% of respondents say running a business has become harder over the past year, more than 60% are planning to raise external funding in the next 12 months, up from 40% last year.

Overall, 90% of established businesses plan to grow their operations in this timeframe, with more than half (56.5%) already actively planning investment and a further 33% intending to start soon.

Rising costs continue to challenge businesses

The survey also found that when it came to the biggest pressures these businesses face, 66% were affected by rising operational costs, 62% cited the UK’s economic slowdown, and 52% have been affected by inflation. 32% of respondents also reported being heavily affected by interest rates and Employer National Insurance increases, while 31% cited limited access to business lending, and 37% said the pace of technological innovation has had a significant impact on their operations.

And while established businesses tackle these issues, 62% of them report feeling that banks do not understand the needs of smaller businesses, with over 30% citing a lack of understanding and guidance as a barrier to accessing finance.

Businesses double down on growth

Looking ahead to 2026, the survey reveals that business owners are focused on innovation, with many rethinking operations and improving efficiency.

When asked about priorities for next year, 64% said they are planning to hire more staff, 60% are focused on developing new products or services, and 40% plan to invest in new technology or software, while 29% will spend on marketing and advertising. Businesses also plan to channel resources into staff training, expanding premises, and purchasing new equipment or vehicles.

The data is released as 1,300 established businesses and entrepreneurs from all over the United Kingdom prepare to gather in London for next week’s Allica Bank Great British Entrepreneur Awards. The awards celebrate the very best of British innovation and the hard-working, established businesses that form the backbone of the UK economy, supporting growth, jobs, and communities across the country.

Conrad Ford, Chief Product & Strategy Officer at Allica Bank, said:

“What really stands out from this year’s findings is the determination and resilience of established businesses. Even with the challenges they face, they’re continuing to invest, innovate and create opportunity."

“These businesses are the ones driving jobs, ideas and growth in every community across the country. Their ability to adapt and push forward when things are uncertain is something we should all be proud of, and at Allica, we’re here to make sure they have the banking and support they need to do just that."

 “As we come together to celebrate the finalists at the Allica Bank Great British Entrepreneur Awards, it’s clear that the UK’s entrepreneurial spirit remains strong and that established business owners will continue to play a defining role in shaping our economic future. As a former entrepreneur myself, I know how much dedication it takes to build and sustain a business, and I wish all the outstanding finalists the very best of luck next week.”