Liverpool businesses expect ‘competitive times’ ahead

ALMOST half of all Liverpool’s businesses believe the post-recession economy will be more competitive than what existed before, according to new research.

The ‘Connecting Liverpool’ survey also discovered that gaining market share and creating demand for products and services are the key concerns for companies.

Research carried out among 92 businesses with an annual turnover in excess of £1m found that 45% of respondents believe competition in their industry is set to increase post-recession.

A further 29% believe their industry will be as competitive, while only 7% of respondents believed the post-recession economy will be ‘much less competitive’.

The survey – which was commissioned by Barclays – discovered that gaining market share (35%) and increasing demand for the products and services sold (34%) were identified as key focuses for Liverpool businesses post-recession.

Half of the businesses surveyed believe consumer demand will not exceed pre-credit crunch levels for the foreseeable future.

Nearly two thirds of Liverpool businesses claimed innovation has either continued as normal (28%) or that the pace of innovation increased (37%).

Rikki Griffiths, commercial director for Barclays in Merseyside, said: “Many progressive companies have found innovative routes to offshore markets, where in many cases demand for consumer and commercial goods has picked up quicker than in the UK.

“However, more needs to be done to fuel and maintain long-term demand in the domestic market.

“This must be a key focus for government, lenders and business groups alike in the post-recession economy.”