Hitachi Capital’s business barometer found that this figure had increased since last year (73%).

In total, 1,184 small business owners were surveyed, with market uncertainty revealed to be the single biggest barrier to growth (31%), followed by uncertainty over the future of their own business (17%).

Other factors included red tape (16%), the tax burden and business rates (16%), and the difficulty of competing on price with larger competitors (13%).

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Gavin Wraith-Carter, managing director at Hitachi Capital Business Finance (pictured above), said: “Many small business owners have to keep one close eye on their business and the other firmly set on the wider market picture if they want their business to succeed in this volatile climate.

“In the current climate, market uncertainty is a challenge and older businesses in particular are struggling to adapt.

“Now is a vital time for the banking and specialist finance community to be backing the small business community, encouraging optimism and helping them to unlock their true potential.

“Hitachi Capital Business Finance is standing tall with the small business sector at a time of change.”