Business Confidence In Thames Valley Soaring
Business confidence in the Thames Valley region is at a record high, as indicated by the Thames Valley Business Barometer - a survey carried out twice a year by business advisory firm BDO LLP, and PR and marketing agency C8 Consulting.
The survey covered more than 100 businesses from Berkshire, Oxfordshire, South Buckinghamshire and North Hampshire for the period between March and May 2014. It indicates that confidence in business and performance has risen substantially with the improvement of business conditions in the region.
The survey found that 90% of business leaders considered the general levels of economic confidence to have improved, while in December 2013 79% of business leaders thought so, and this time last year the number was a mere 31%.
Turnover and profitability have grown together with business confidence. Of the businesses surveyed, 82% said their turnover had increased, and 86% anticipate a further increase in the next six months. What's more, headcount has also marked an upturn, as stated by six out of ten firms. And 71% say they expect to hire more staff in the next six months.
The results are a positive sign for local businesses and the local labour market, says Simon Brooker, Partner and Head of BDO. What they indicate, is that business are being inspired to take action as a result of their confidence.
It could be that businesses are enjoying more favourable business conditions when it comes to funding, as over a third of those surveyed said that access to finance had improved palpably and was easier now than it was six months ago.
When asked about their selling and growth strategies, businesses pointed to the globalisation of their clients and the need to service their requirements globally.
The survey found that 56% of businesses in the Thames Valley region sell to overseas markets, 47% of which choosing EU Europe as their destination.