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The most representative survey of the UK small business sector has revealed that nearly half of those questioned were producing new products and services, the highest level since the survey began in 2003.
The 2006/07 Annual Small Business Survey also revealed 65 percent of small businesses with employees had ambitions to grow for the coming years, representing a nine percentage point increase on the previous year.
The survey confirmed what ministers recently discovered when they met over 600 small business owners around the country.
Business Minister Shriti Vadera said: "The positive findings - of businesses intending to grow and introducing innovation - are indicators of a healthy enterprise environment, but the survey also highlights continuing challenges.
"We recognise that regulation is a key business concern and this is why we are driving through one of the most ambitious programmes to ease the burden of regulation on business launched by any government."
The survey also showed that women continue to be significantly under-represented in enterprise, with only 14 percent of small businesses with employees led by women.
Ms Vadera said: "Getting more women into business is a challenge, not just for gender equality but for national economic success.
The survey, produced by the Department for Business, Enterprise and Regulatory Reform, also found that the vast majority of SMEs with employees were led by men; only 14 percent were led by women or by a management team mostly comprised of women. Female led SMEs with employees tended to be smaller than average.
When asked to suggest the biggest obstacle to success, SMEs named competition as the greatest barrier (15 percent); regulation (14 percent); taxation including VAT, PAYE, NI and business rates (12 percent); the economy (10 percent); and cash flow (10 percent). For the most part, the obstacles cited and their rankings are comparable with those reported in 2005.
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