In addition, around 34% are looking to stay the same or consolidate. Over three thousand small businesses took part in the survey, making it one of the biggest of its type conducted during the recession.
"A large number of small businesses are poised to expand when the time is right, perhaps taking advantage of any upturn in the economy," said Steve Cooper, managing director of Barclays Local Business. "A sizeable percentage are also not downsizing during the recession, which is an achievement in itself.
"Any decisions to expand should be carefully considered, but there are good reasons to expand at the right time. Companies with growth plans could be taking advantage of a completely different competitive landscape, where key competitors are missing or have downsized."
When it comes to how long companies have been trading, it appears that younger companies are more likely to expand in the next 12 months with 60% of businesses less than three years considering expansion compared to around 40% of companies which have been in business for more than 11 years.
There are differences across the industries. The retail sector recorded the highest percentage of businesses planning to expand, with 54% of companies planning expansion compared to 46% in the trade sector.
