Highlights:
• Optimism is the highest since our survey began in 2022, with 88% of respondents feeling optimistic or very optimistic about their future business prospects for the next 12 months.
• Growth predictions remain strong with 83% expecting turnover growth this year and more members expecting to hire staff. Growth is predominately expected from expansion in their existing markets but over half (56%) are innovating and have plans to introduce new products or services this year.
• Nearly one fifth of respondents (18%) are planning to make acquisitions this year with 25% expecting to raise external finance within 12 months.
• For 44% of members, the biggest challenge is people. As noted in previous surveys, finding and retaining good people is an ongoing issue. Members are reporting candidates have high salary demands that don’t necessarily match their skills. There’s ongoing poaching of staff within the region which is putting upward pressure on salaries.
• Pressures on sales and cashflow have reduced this quarter which is consistent with improved business confidence.