Business confidence returning, says survey

BUSINESS confidence is returning to the North West, with a growing number of companies looking for growth opportunities in the next 12 months, according to new research.

More than half (51%) of the North West companies surveyed in Yorkshire Bank’s latest business confidence survey are either “confident” or “very confident” their business will grow in the next 12 months, making the region the second most optimistic in the UK, after Scotland.

Almost a third of businesses (30%) believe their company will continue to operate at current levels, while just 15% think their business will see a reduction in trade.

However, the research does show that 4% of companies are still fearful they will go out of business within the next 12 months.

Brian Colquhoun, regional director for Yorkshire Bank, said: “These figures are promising. They appear to indicate that growing numbers of North West businesses are looking to the future more confidently and are beginning to explore opportunities to develop and grow their operations. This is encouraging as where confidence exists, growth often follows.”
 
“It has clearly been a challenging time for businesses and times will continue to be tough. While it remains important for businesses to retain a grounded and balanced perspective, a growing number will be looking at how they can take advantage of emerging market opportunities.”

Despite signs pointing to returning confidence, the research also shows that times remain tough with seven out of ten companies not finding business getting any easier. Almost 45% of these businesses cite the uncertain economic and political environments as key reasons.