Tamworth and Lichfield firms optimistic on growth – survey

MORE than half of businesses in Tamworth and Lichfield saw an increase in turnover last year and almost three quarters expect the trend to continue in 2016, the interim findings of a survey have shown.

The figures come from a poll being conducted by Tamworth & Lichfield for Business, which has seen almost 150 responses since the survey was launched late last year.

The questionnaire will be open to responses until the end of January.

The survey aims to establish a benchmark on how businesses in Tamworth and Lichfield are faring in the current economic environment. Both are renowned for their low unemployment rates, 0.5% and 0.4% respectively.

Companies who responded said they expected staff levels to increase or stay the same over the next 12 months (85%) whilst 88% were confident their business would survive the next three years.

Tamworth & Lichfield for Business is an initiative by Tamworth Borough Council and Lichfield District Council offering a range of business support services to encourage economic development and regeneration.

Amongst the survey’s key findings are:

– More than 50% saw an increase in turnover in 2015 and more than 70% expect this to increase
– 85% expect staffing levels to stay the same or increase in the next 12 months
– 92% are confident their business will survive the next 12 months
– 88% are confident they will survive the next three years
– 25% have formal growth plans in place, with 51% having informal plans

Top of the list of barriers to growth are cashflow, access to finance, competition, compliance issues and skills shortages

The majority of the businesses which responded have been trading for more than six years and have an annual turnover of less than £1m.

Councillor Ian Pritchard, cabinet member for economic growth, development & environment at Lichfield District Council, said: “It is encouraging to see these positive results of the survey so far.”