Member Article

Confidence and growth continue to grow among North East entrepreneurs

Growing confidence, exporting and sales among entrepreneurs in the North East are helping to drive businesses forward, according to the latest research by the Entrepreneurs’ Forum.

The Entrepreneurs’ Forum Business Tracker Survey for the second quarter of 2013 shows that entrepreneurial businesses in the North East consistently outperform national benchmarks.

56% (45% in Q1) of respondents indicated a growth in revenues, compared with the same period in 2012.

Key findings included:

• 61% reported feeling more confident in both their own business and the economy. • 50% said they had experienced a growth in export revenues.

• 53% of entrepreneurs forecast a rise in sales in Q3.

• 39% reported an increase in profits, with 44% expecting profits to grow in the third quarter.

• 37% of entrepreneurs had seen employee numbers increase, with a third expecting that to continue into the third quarter.

• Key challenges, or barriers to growth, included finding quality staff (14%), accessing finance (14%).

The Entrepreneurs’ Forum has, over the past ten years, developed a cross-sector peer group of like-minded individuals who share ideas, knowledge and connections, continually taking soundings from its 480 individual member companies in the North East.

Nigel Mills, chairman of the Entrepreneurs’ Forum said: “Following from the results of our first quarter survey, these findings show that entrepreneurial businesses remain at the heart of growth in the North East.

“The expectations of our members are that the increasingly positive indicators of economic health within their businesses and the wider economy are here to stay, for the medium term at least. Whilst the latest employment figures showed the North East still having the highest levels of unemployment in the country, the entrepreneurial community is certainly playing its part in working to reduce the jobless figures, with more than a third having increased staffing during the second quarter.

“We are seeing entrepreneurs continuing to invest in their businesses, with almost half of those accessing finance doing so to purchase assets and 44% for working capital. It is interesting to note that this finance is coming from a range of sources, from banks and retained profits to private equity and crowd funding.

“The challenges remain in the economy, but overall we are seeing positivity through our members and it is such attitudes and perceptions which will help to drive businesses forward.”

This was posted in Bdaily's Members' News section by Recognition PR Business Team .