Cash balance target for Yorkshire businesses

INCREASING cash balances is a priority over driving up turnover for businesses in Yorkshire, according to new figures.

The survey found that just 67% of the region’s businesses are targeting turnover growth in the next two years compared to a UK average of 80%.

Research by the Institute of Chartered Acccountants also suggests that the region’s growth expectations have not increased notably in the last year.

But more businesses in Yorkshire include increasing cash balances as one of their objectives for the coming months than the UK overall.

ICAEW regional director Chris Manners said: “Lower growth expectations in this region may be related to the higher proportion of businesses in the retail, hotels and catering and construction and housing sectors compared with the UK overall. Both of these sectors have lower growth expectations than UK businesses overall.”
 
“The 2010 survey shows also that businesses in Yorkshire and Humber are less active in overseas markets. They are less likely than businesses in the UK overall to be involved in several aspects of global engagement.

“They are significantly less likely to say they currently sell to other countries, have operations or activities outside the UK or adapt their products and services to markets outside the UK.”