State of the Region 2013: Established markets key for exporters
EUROPE and the rising BRIC economies are the markets providing the best opportunities for Yorkshire businesses looking to trade internationally, according to TheBusinessDesk.com’s State of the Region survey.
However, the USA and emerging South East Asian markets are fast emerging as global destinations for exporters.
Despite the majority (33%) of respondents to our annual survey of Yorkshire business leaders stating that the targeting of new geographical markets is their main business objective over the next 12 months, only 22% of those questioned think trading overseas provides the best opportunities for their business.
The remaining 78% are focussed on the regional and national scene with organic growth viewed as the best way of achieving expansionist aims.
TheBusinessDesk.com’s annual State of the Region survey gives a barometer of business sentiment across the online news service’s three heartlands of Yorkshire, the North West and West Midlands.
The fourth year the survey has been run, it has once again been completed by hundreds of business leaders.
TheBusinessDesk.com has once again run this milestone project in association with lead sponsor, law firm DLA Piper. The initiative is also supported by Yorkshire Bank and the CBI.
STATE OF THE REGION 2013: DOWNLOAD AN IN-DEPTH REPORT OF THE FINDINGS HERE
Of those who are looking to growth opportunities overseas, 23% are not going much beyond our backyard. Perhaps this is because the challenge or concern most cited by respondents who are trading internationally is cultural differences (37%).
It is downward pressure on prices that is seen as the greatest challenge facing businesses in the next 12 months.
On a brighter note, 78% of respondents expect their organisation’s turnover to either grom minimally or substantially over the next 12 months.
Richard May, office managing partner at DLA Piper in Sheffield, said: “It is extremely encouraging to see more positive aspirations for growth this year – a reflection of an increasingly upbeat outlook now that the year of the double dip recession is behind us.
“However, where last year international opportunities took centre stage, growth through consolidation, increased penetration of regional markets and product development appear to be the trends penetrating this year’s results.
“Almost 65% of respondents are focusing on organic growth in place of acquisitions, joint ventures or alliances, mirrored by the fact that two thirds (half in NW/Mids) are not looking to secure any bank lending in the next 12 months.
“On-going concerns surrounding price pressures and demand may be fuelling this. For the region to prosper, business leaders need to convert their confidence in growth prospects into the implementation of focused, strategic plans that will give them the foundations to make the most of new investments and opportunities.”
Read about the major findings of the survey here
Tomorrow: The Region
