Explore growth options, urges KPMG
Seeking out the right growth markets will be key to the success of many East Midlands businesses, according to KPMG's senior partner Wayne Cox. He told Insider the aerospace sector was likely to be a winner in terms of 2012 growth.
Cox said that businesses in the region are realising that opportunities are afoot within the right markets, but said seeking them out was the challenege.
"2011 is unlikely to be a year that businesses record as their greatest, yet I am sensing an increasing groundswell of opinion that there are opportunities out there," he said.
"Many people are claiming the UK is already in recession, and I think we all know that 2012 is going to be tough. However, there are growth stories, in the East Midlands I am particularly thinking of businesses in the aerospace sector and those who work with the Far East and emerging economies."
Cox added that it was "key" to move away from a focus on the negative in the coming year.
"There are success stories from across the East Midlands and our businesses are performing well in the current climate," he said. "Confidence is crucial and we need to get out of the cycle of a downbeat mindset and move to a more positive outlook. There are opportunities for businesses – the successful will be those who seek them out."
Cox said that in a turbulent market place, successful businesses need to have "a stable foundation" including effective cashflow and efficient workforce.
"This strong foundation will ensure the business not only operates from a position of strength in turbulent conditions, but will ensure be able to react when market conditions improve," he said.
