SMEs in Yorkshire and the Humber preparing to get fit for 2014
BUSINESSES across Yorkshire and the Humber are preparing for an upturn in the regional economy and anticipating business growth of more than 10% this year, according to the Business Factors Index report for the third quarter of 2013.
The findings of the latest report, produced by business funder Bibby Financial Services, also suggest a higher level of confidence as more businesses in Q3 said they have already seen signs of wider economic recovery than in the previous quarter.
However, the survey of small and medium-sized enterprise owners also revealed that conditions are still challenging for many firms – and top of the list of demands to help ease the burden was a focus on improving the skillset of school leavers entering the workplace.
Mark Storey, spokesperson for Bibby Financial Services in Yorkshire and the Humber, said it was encouraging that businesses were looking to get fit for the future by investing in growth and staff training, but raised a concern about the level of funding support that firms are applying for.
He said: “It is a really positive sign to see firms in the region investing in future growth and staff training as it reflects the level of ambition for the future in the region.
“However one of the more concerning findings in the report is that two thirds, or 66%, of firms in Yorkshire and the Humber have not applied for business funding in the past 12 months.
“Firms looking at staff development and training as a priority need the finance behind them to be able to make that investment in their staff, and should be talking to funding providers about the options that suit them best.
“Funding support is vital in underpinning a sustainable recovery both in this region and the rest of the UK.”
Key facts from the Business Factors Index for Q3 2013:
• 26% of firms identified staff training as a priority for the next six months
• 33% of SMEs in Yorkshire and Humber are looking to achieve growth of more than 10%
• 25% say they have seen an increase in new customers during Q3
• 25% of firms feel the economy is already showing signs of recovery
• 28% believe improving the skillset for school leavers going into the workplace would help stimulate economic recovery
