Entrepreneurs optimistic of growth in next quarter

THE majority of Midlands entrepreneurs are confident about the potential opportunities offered to their companies during the next quarter, new research has concluded.

The latest quarterly report from RSM Tenon’s Business Barometer showed 53% of the region’s business leaders were optimistic about the performance of the their companies over the next three months.

The figure is much higher than their counterparts in the north (36%) and the south (38%).

The Business Barometer, an independent think tank made up of representatives from across the UK’s business community, commissioned the quarterly research to survey all business sectors across England, Scotland and Wales to give a representative picture of the British economy.

Alan Webb, West Midlands regional director at RSM Tenon, said: “Nationally, concerns over interest rates, the threat of inflation and higher taxes are all starting to take their toll on the entrepreneurial spirit.

“However, Midlands businesses seem to be confident about future opportunities.  This bodes well for future growth across the region.”

On a less positive note, employment in the Midlands looks set to stay mainly static as 54% of businesses have no plans to change the size of their workforce.  

However, 23% do expect to boost staff numbers whereas only 6% plan to reduce numbers.  
This contrasts with the south of the country where 40% of businesses are likely to increase the size of their workforce.

“The survey’s figures also show that the wage freeze is still in effect as 74% of business owners plan to keep wages at the same level while 18% of staff are likely to see a reduction in their bonus,” added Mr Webb.