Firms confident to face challenges ahead
ALMOST three quarters (71 per cent) of Yorkshire companies believe that doing business will be more competitive in 2008, according to new research from Barclays Commercial Bank.
But, whilst the research found that the market environment would be challenging next year, overall owner managers are confident of their ability to manage external threats to their business such as the economic environment and market competition.
Two thirds (76 per cent) are quite confident in their risk management capabilities and one in five (20 per cent) are very confident.
This follows the publication of new analysis by the Financial Times into the economic outlook for businesses across the UK. The paper found that "the outlook from the regions is not as gloomy as the national picture has appeared".
Lee Collinson, corporate director for Barclays Commercial Bank in Yorkshire commented: "It's unsurprising that businesses are pointing to 2008 as a year when competition will be tough, however I believe that for firms Yorkshire there are still good opportunities for growth. The region has seen a boost in recent years with employment conditions improving and growing numbers of people being attracted to the region.
"The development of Leeds as a business and financial centre is particularly important and the city is set to continue acting as a 'powerhouse' for the surrounding area. At the same time, there is continued speculation about the economic climate in 2008 however and this will inevitably have an impact on the region's businesses, particularly those in traditional sectors where there are existing challenges.
"As we come into the New Year it important to remember that Yorkshire firms are still focused on exploiting opportunities for growth. From our experience, businesses are well accustomed to dealing with growing competition and now is absolutely the time for companies to be planning how they will tackle this issue over the year ahead."
The Barclays research found that overall owner managers in the region are confident of their ability to manage external threats to their business such as the economic environment and market competition.
Two thirds (76 per cent) are quite confident in their risk management capabilities and one in five (20 per cent) are very confident.
Looking at the year ahead, Lee Collinson at Barclays offers businesses in Yorkshire the following advice on how to thrive in the face of growing competition:
