East Midlands businesses unsure about future - survey
Less than a third (28 per cent) of businesses in the East Midlands say they are positive about the outlook for their sector over the next 12 months. According to research from business adviser Baker Tilly, only one in ten businesses were prepared to say that they were confident in the region’s economy.
However, it revealed small and medium sized businesses are becoming “increasingly confident” of their overall prospects for the next 12 months, with only one in four negative about their organisation’s future.
According to Baker Tilly’s annual 'Outlook survey', conducted by YouGov, small and medium sized businesses highlighted concerns for the coming year including a potential downturn in sales revenues, competition from low-cost competitors and the effect of the VAT rise.
Baker Tilly’s restructuring and recovery partner Guy Mander said: “While local businesses appear positive in what they can control and manage themselves, they are far less optimistic regarding factors which they deem out of their control.
“As a result, many of those surveyed are developing a variety of strategies to bolster their businesses in the next 12 months. These include developing new products and services, growing organically and expanding into new markets. The public sector cuts are of particular concern to many sectors, especially retail, construction and manufacturing.”
