Optimism returns but big challenges remain

High inflation and the opening up of export markets, particularly beyond Europe, also pose challenges for the country’s SMEs, said Mr Gregory in an interview with the Yorkshire Post.

He said: “The challenges are really about the timing of making investment decisions, when to invest, not only in equipment but also in staff.

“It’s having the confidence and understanding the way their own particular markets are moving to make some quite significant decisions.”

Speaking about the key drivers of increased confidence in the SME market, Mr Gregory said: “I think it is the continuing recovery is giving confidence to companies in our region, continued low interest rates, continued lack of further negative headlines in Europe with a general stability this year compared with last year.

“I think it’s also due to the point in the cycle really, because at the end of the day SMEs do need to invest in their businesses and after a period of quite long anxiety, there comes a point where they need to make decisions about investment in people and investment in equipment and I think we are that point in the cycle where there is enough confidence in the economy to start supporting those decisions. But I think it’s cautious.”

Yorkshire Bank is a sponsoring the Yorkshire SME of the Year category of Variety’s Yorkshire Business Awards this year. The awards celebrate business success and raise money to help needy children in Yorkshire.

The Yorkshire Post is the event’s media partner, while Howgate Sable is main sponsor for 2013. Co-sponsors are Yorkshire Bank, Design Portfolio Marketing Services, Ernst & Young, NM Rothschild, Pace plc, Henderson Insurance Brokers, Pinsent Masons and Yorkshire Building Society.

Nominations are now being sought for categories of Board of the Year, Business Leader of the Year and Yorkshire SME of the Year, which is sponsored by Yorkshire Bank for companies with a turnover of up to £100m.

Mr Gregory is one of the judges for the Yorkshire SME of the Year category. Asked about what he is looking for in the entries, Mr Gregory said: “Companies that have a sustainable strategy and performance so not one-shot wonders in a particular year but companies that can demonstrate they have a solid, robust trajectory of growth and at the end of the day profitability which is absolutely key.”

He added that he is looking for well-led, well-run innovative companies with a sustainable strategy of growth.

A former managing director of Yorkshire Television, Mr Gregory had a 21-year career in broadcasting, and was awarded an OBE for services to Yorkshire.

Send nominations for Variety’s Yorkshire Business Awards 2013, including financial information, to [email protected] by October 23. Tickets for the event, which takes place on December 13, can be bought via [email protected].