Report shines light on bullish regional outlook

AN overwhelming number of business owners in the North West believe  their revenue will increase during 2016, according to a report.

Manchester-based Tindall Perry Partnership – the specialist finance recruitment consultancy – has undertaken a comprehensive research project looking at growth trends and expectations within the North West business community.

Tindall Perry approached 500 firms across the North West to ask them a range of questions, including the biggest challenges they face, how they expect their turnovers to change and what the main factors will be in terms of driving overall growth throughout 2016.

The research covered firms of all sizes operating in the manufacturing, retail, leisure, construction and professional service sectors.

It showed that 80% of respondents believe that their turnover will increase over the next 12 months with 49% thinking that it will be between 5% and 15%. This was followed by 30% who thought it would be between 1% and 5% and 21% who expected it rise by over 15%.

Improving profitability is the biggest commercial challenge they face this year with 35% citing it as their key concern. This was followed by greater competition at 30%. Other stated challenges included staff retention and wider economic uncertainty.

Recruitment was another topic covered. Some 69% of those questioned said that they will be growing their workforces with the majority (56%) at management level.

The final question tackled the main sources of growth. Upt to 52% believe that work from new UK clients will be leading their growth followed by new international clients, organic growth from existing clients and lastly mergers/ acquisitions.

Leyla Tindall, managing director of Tindall Perry, said: “The last few years have been challenging but it certainly feels like the North West business community has turned a corner. Our research – and the daily conversations that we have with our clients – shows there’s real positivity and optimism in the marketplace across many sectors.

“I think 2016 is going to be an interesting year and it will be fascinating to see how things change over the coming months.

“My prediction is that companies with a clear strategy and a collective vision amongst their senior leadership teams will be the ones that really forge ahead as growth is now not a certainty, it needs to be planned for.”