Member Article

South Tyneside businesses poised for growth

A recent survey of more than 100 businesses in South Tyneside found that despite a dip in confidence due to the current economic climate, nearly 4 in 5 respondents are looking to grow in the near future.

The survey was carried out by the South Tyneside Business Forum, which is supported through South Tyneside Means Business in partnership with the North East Chamber of Commerce revealed encouraging results.

Results from the survey show that of the 77% of respondents who are looking to grow their businesses in the future, 42% have a written vision and growth plan.

48% of people surveyed said that finding new markets for their products and services was the biggest challenge facing them at the moment. However, in contrast to the 2007 results, where planning for the future, training and up-skilling staff ranked high, this year increased running costs and an increase in competition were jointly billed as the second highest challenge (23%).

When asked what type of support they would benefit from, just under half of businesses surveyed said they would benefit from support in finding new customers and markets (42%). 34% wanted support with marketing and promotion and one quarter said they would benefit from access to finance and investment support.

Michael Arnot, Business forum manager, said: “As you would expect, the results show that confidence is taking a knock due to the economic climate. However the fact that so many businesses are still even considering growth is immensely positive.

“As a result of the survey we are now working on various initiatives to address the issues raised and look forward to working with the forum to make 2009 a good year for businesses in the borough.”

For more information on the Business Forum call Michael Arnot on 07810 568074 or visit www.southtynesidemeansbusiness.co.uk.

This was posted in Bdaily's Members' News section by Ruth Mitchell .