Region’s firms are growing more optimistic

CONFIDENCE amongst Yorkshire’s small and medium-sized enterprises (SMEs) has reached a tipping point, with the telecommunications, media and marketing sector leading the way, according to new research.

More than 70 per cent of surveyed businesses in the telecommunications, media and marketing sector said they felt strongly or cautiously optimistic about the potential of the economy to achieve sustained growth over the next 18 months.

The study, carried out by NED Connections in conjunction with Leeds Business School and the Northern Leadership Academy, found manufacturing to be the least confident sector with 58 per cent of respondents cautiously optimistic about the economy and no-one in this sector reporting strong levels of opti- mism.

Hide Ad
Hide Ad

Looking back at the last six months, 47 per cent said they had seen no improvement in the trading conditions of their sector.

However, the differences between sectors were marked with 27 per cent of those in the manufacturing sector having seen an improvement, compared to 57 per cent in the technology and support services sectors.

The research, which studied responses from more than 200 regional businesses, sought to create a rounded view of business confidence and help understand attitudes to growth.

It also examined the role of advisers to SMEs in a challenging economy.

Hide Ad
Hide Ad

SMEs saw the top three key challenges facing their businesses as increasing sales and planning for growth, becoming more competitive and growing their market profile, the research suggested. Managing and sourcing working capital was eighth on the list of challenges.

The companies surveyed saw more business friendly Government policies as the most useful support they could receive, ahead of additional services from advisers and more peer-to-peer support groups.

The need for better support from banks came fourth.

Craig Burton, managing director of NED Connections and its parent company The Works Recruitment, said: “Businesses are now exhibiting a cautiously positive outlook and are predicting growth over the next 18 months.

“It seems that managing anticipated growth is top of the list for the region’s SMEs and targeted investment is starting to appear back on the agenda in a number of sectors.”

Hide Ad
Hide Ad

The full report will be launched at a networking event at law firm Gordons in Leeds at 7.30am on Tuesday, April 30.

Around 60 local business leaders are expected at the event where the results of the study as well as SMES’ attitudes to non-executive directors will be discussed.

To book a place visit www.eventbrite.co.uk/event/6185606315

Related topics: