According to a new study by law firm Forbes Solicitors, 85% of small and medium-sized businesses (SMBs) in the North West are confident their revenues will grow over the next 12 months despite tough economic conditions.
UK expansion, organic growth and research and development (R&D) are the three main factors that will drive the company’s growth.
Three-quarters of companies surveyed say they will invest in digital transformation and new technologies in the coming year, and the same proportion plan to create new jobs in 2023 to fill the skills gaps they face. are confronted.
Raising capital to support growth is also a priority, with 71% of companies considering doing so. Within this group, 24% will look into grants and government-backed programs for SMEs, while 23% will use banks and 21% plan to use debt financing.
The research was conducted in conjunction with the launch of Forbes Solicitors’ ‘A Region Resilient About Growth’ report, which champions the contribution of SMEs to the North West economy. In its third year, the report celebrated 100 businesses in the region for demonstrating reinvention and resilience.
Despite optimism around their own growth, 57% of businesses in the Northwest are less confident in the strength of the local economy than a year ago, and the biggest impediments to growth are inflation ( highlighted by 45% of respondents), skills shortages (31%) and a lack of access to finance (25%).
Commenting on the report, Forbes Solicitors Managing Partner Pauline Rigby said: “This research provides a fascinating insight into what SMEs in the region expect in the coming 12 months. The results are extremely optimistic. Business owners support each other for growth while continuing to work for their individual and collective ambitions.
“When we first launched this report, our aim was to champion the ingenuity and strength of entrepreneurial businesses and their immediate response to the Covid-19 pandemic. We were living and working in incredibly difficult times and two years later the backdrop is still exceptionally difficult. But what business owners in the North West have clearly shown is their ability to not only survive tough business conditions, but to thrive through their own innovation and determination.
To view the report, go to