What a summer we’ve had, and no I am not referring to the weather, pleasant as that’s been, my focus lies on all the positive reports and studies which have been cropping up during the last few months.
The latest reveals that a huge 62 per cent of small to medium sized businesses have ambition to grow quite dramatically within the next two years according to capital investor Albion Ventures.
And R3’s latest Business Distress Index (BDI) uncovered that its right here in the North East where signs of growth are emerging. 55 per cent of SMEs in the region are showing at least one of the five key indicators of growth.
According to the BDI the UK economy is growing faster this year than any other G7 nation, and two thirds of businesses across the region are feeling more optimistic about their future prospects than what they did just three months ago.
Not only this, Lloyds Bank discovered that it is the North East which is leading the way in economic recovery. Its index of activity among UK companies, where anything above 50 represents growth did dip from 59 to 58 but companies ‘up North’ saw the strongest expansion clocking up a record 64.8. To help paint the picture on just how well we are doing the South West is 59.4, East at 59.9 and London at 58.4.
Another survey conducted by the Entrepreneur’s Forum Business Tracker Survey showed strength in many key indicators of the health of businesses as well as the wider economy.
71 per cent of business owners revealed they felt more confident than three months previously, with 26 p[er cent feeling the same. In terms of confidence 64 per cent were more confident and 73 per cent reported an increase in overall sales.
It is our business owners who drive this economy forward and it is most uplifting to have positive outcomes on surveys from numerous sources.
The only way now is onward and upward and for any SME who feels their expansion is growing much quicker than anticipated there are many platforms to tap into to seek guidance and advice. Although to some a growth in your business doesn’t seem like a problem it is not without its challenges; the pressure to keep up with the demand and ensure staff morale is high can be very stressful not to mention that most business owners work around the clock as it is.
If that was the summer report I look forward to the autumn stats. The main point is the North East leading the way in economy recovery and it’s wonderful to see this in news not just in this region but nationally.