EF News
Optimism amongst North East entrepreneurs remains high, the latest Entrepreneurs’ Forum Pulse Survey has revealed.
Of the 111 business owners who responded to the latest survey (approximately one third of the Forum’s overall membership), the majority expressed confidence in their business prospects, with many feeling very optimistic about the year ahead.
The survey – which was independently conducted by Explain Market Research – collected responses from Monday 13th May to Friday 24th May, during a period of political uncertainty following the announcement of the upcoming general election on Wednesday 22nd May.
Despite this, a substantial 88 percent of respondents reported they feel ‘optimistic’ ‘or ‘very optimistic’ about the next 12 months, up from 83 percent reported last quarter.
Notably, none of the respondents felt pessimistic about their business prospects for the next 12 months despite facing challenges like lengthened sales cycles, increased costs and pressures on pricing.
Recruiting and retaining staff is a substantial challenge for North East entrepreneurs with 44% of respondents identifying it as their biggest obstacle to growth. Many attributed this difficulty to the struggle of identifying the 'right' candidates and balancing salary demands with business profitability.
Despite this, growth predictions remain strong with the majority (83%) of respondents expecting turnover growth this year. Growth is expected from expansion in existing markets but over half (56%) of members are innovating and have plans to introduce new products or services this year.
Elaine Stroud, CEO of the Entrepreneurs’ Forum, commented: “Despite the challenges of political uncertainty and skills shortages, the latest survey results reveal a strikingly optimistic outlook amongst our region’s entrepreneurs.
“Many of our members are planning for a period of growth and expansion which is incredibly exciting to see. With 83% expecting turnover growth and over half introducing new products or services this year, this optimism signals a vibrant future for the North East as a region.”
The Entrepreneurs’ Forum was founded in 2002 and represents over 340 North East entrepreneurs with a collective turnover of £2.25 billion per annum.
Its partners include Agilico, Blu Sky, Hilton Newcastle Gateshead, LDC, Northumbria University, RBC Brewin Dolphin, Ward Hadaway and White Digital.
