Product development priority for businesses

MORE than a quarter of Yorkshire and Humber businesses aim to invest in new product development over the next 12 months, according to new research.

Of the businesses surveyed in the region, 48% said they plan to invest at least 5% of their annual turnover in growth strategies.

A total of 15% those businesses questioned by Yorkshire Bank added that help with research and development costs would do most to encourage growth for their enterprise.

Richard Norrington, Yorkshire Bank regional director, said: “Whether it’s through television programmes such as Dragons’ Den or Government support for entrepreneurs, innovators and inventors, having an environment where business ideas can be fostered and supported with the appropriate advice and financial support is extremely important.

“Yorkshire and Humber businesses can’t afford to stand still at the moment. That’s not to say they should be exuberant in their development plans but constantly sharpening their service and looking to fill gaps in the market are important exercises they should be pursuing.

“The region’s enterprises must be constantly looking for new ways to stimulate growth and our research shows that many business people are clearly aiming to take that approach.”