News / Business West
South West businesses display resilience amid economic uncertainty
Bristol business owners are meeting challenging economic conditions with resilience and adaptability, according to a recent survey.
Business West’s Quarterly Economic Survey (QES) for the South West region revealed a mixed sentiment, with “general economic conditions” stated as the primary concern for most.
The survey, which polled 301 businesses, has revealed that “general business uncertainty” is also a key issue for 62 per cent of respondants.
The labour market remains a challenge, with 71 per cent of respondents reporting difficulties in finding suitable staff, particularly in skilled manual or technical and professional or managerial positions.
However, despite these apprehensions, a significant 62 per cent of respondents expressed confidence in their own business prospects for the upcoming 12 months.
Regarding the latest figures, Matt Griffith, director of policy at Business West, said: “It’s certainly encouraging to see the resilience and adaptability of the steely-nerved South West business owner.
“It is a really challenging time for business owners across our region, yet the majority are confident in their own prospects.”
On the apparent green shoots of recovery, Griffith said: “It’s good news too that the net balance of UK sales and orders, and international trade performance, have finally returned to positive territory after two years.
“However, there is a real lack of confidence in the UK’s economic outlook. Our survey clearly demonstrates the need for a more stable and supportive business environment.”
The survey, which captured the pulse of the region’s business landscape, underscored persistent concerns about the national economy. Merely 19 per cent of the surveyed businesses showed confidence in the UK’s economic outlook, indicating prevailing uncertainties in the broader economy.
Despite these challenges, there are positive signs for economic activities within the region. The net balance of UK sales and orders, along with international trade performance, has returned to positive territory.
Hiring activities have also increased in the fourth quarter, with 22 per cent of participants reporting increases in their staff. Service sector businesses and manufacturers both reported improved domestic sales performance in Q4.
Furthermore, business profitability expectations for the next 12 months remains positive, with almost half (48 per cent) of participants anticipating improvement in their margins.
Main photo: Bristol City Centre BID/ Redwood Events
Read next:
- Business West chosen to address skills shortage in West of England
- ‘Businesses need to drive Bristol’s change’
- Leading businesswomen appointed to South West Business Council Board
Listen to the latest Bristol24/7 Behind the Headlines podcast:
Our top newsletters emailed directly to you
