North East entrepreneurs ‘remain confident’ as business generate over £1bn

The recent Entrepreneurs’ Forum Quarterly Members Pulse Survey has revealed that despite challenging external conditions, entrepreneurs in the North East remain confident about their business prospects over the coming 12 months.

Of the 100 business owners who responded to the August survey, which was conducted by Explain Market Research, 77 per cent are optimistic about business performance.

This high level of optimism can be attributed to entrepreneurs seeing an increased demand for their products and services, as well as anticipating opportunities for investment and future expansion through new contracts.

The optimism is against a backdrop of a tough macro-economic environment with high interest rates and energy costs. Inflation, although falling slightly up to July, also remains high. For a small proportion of respondents (18 per cent), the economic uncertainty is impacting their positivity for the year ahead, mainly due to increased costs.

The survey also provides an indication of business growth plans, with over 80 per cent of the members who responded anticipating an increase in turnover over the next 12 months. The main drivers for growth are anticipated to be through expanding market share and the introduction of new products and services.

To support their growth, 60 per cent of respondents plan to recruit new staff with nearly a quarter looking to expand headcount by more than 20 per cent. However, recruiting and retaining people remains a challenge for entrepreneurs with over half of those surveyed indicating that this is the biggest challenge they face within their business.

Elaine Stroud, CEO Entrepreneurs’ Forum, commented: “It’s encouraging to see such a high level of confidence amongst our members. With member businesses generating revenues in excess of £1.25bn our survey results provide an excellent insight into sentiment across the region.

“Although businesses are experiencing significant external challenges, these results show the entrepreneurs of our region have high levels of confidence in their own abilities to navigate through and achieve their targets.

“The growth plans of our members will have a significant impact on the region, generating increased revenues and employment opportunities.”

By Matthew Neville – Senior Correspondent, Bdaily

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