14 KEY FINDINGS


• Almost three quarters (74%) of respondents are more optimistic about UK economic growth in Q3.


• More than seven out of 10 (71%) are more optimistic for the future of the local economy.


A quarterly survey of business sentiment in the south – sponsored by Penningtons Manches in association with The Business Magazine


The findings from the first business sentiment survey reveal an optimistic outlook on the UK and local economy and for respondents’ own businesses. Half of respondents are planning to take on more staff in Q3 and almost two thirds (63%) have plans to take their products and services into new markets over the next 12 months.


The most common area of concern for businesses is the attraction, recruitment and retention of high-calibre staff. And the one thing they most want the Government to do for their business is to tackle skills shortages through further incentives on apprenticeships, education funding etc.


David Tighe, Penningtons Manches corporate partner, commented on the findings: ”To say that these findings paint a positive picture of prospects in the region is probably an understatement. There is a consistent thread of optimism through the responses and it’s great


to see that growth is on the agenda for so many businesses.


”I was also not surprised to see that a significant number are looking to grow through acquisition or through raising further funds, since it ties in with my own experience when talking to clients.”


David Gaby, CEO of international analytics, software and consulting services company, Tessella, said: ”It’s most encouraging that respondents are increasingly optimistic about the future and that they plan to expand products and services into new markets. At Tessella we share the optimism and, while we are headquartered in the South of England, we serve clients operating on a global basis. With the possible exception of the upstream oil industry, we are seeing strong demand across all sectors here in the UK and the US, especially for high-end data analytics services. This all bodes well for UK plc.”


• Almost seven out of 10 (69%) respondents are more optimistic about their business’ growth and future prospects.


• Half of respondents are planning on recruiting new staff in Q3. Only 8% will be reducing headcount in Q3.


• A quarter (24%) of respondents have plans to secure funding for future growth over the next 12 months.


• More than a third (37%) have plans to acquire or merge with another business over the next 12 months but only 8% are planning to sell their own business.


• Almost two thirds (63%) of respondents have plans to take their products/services into new markets over the next 12 months.


• The most frequently mentioned concern for survey respondents is the attraction, recruitment and retention of good quality staff.


• The one single thing the Government could do to help their business would be to tackle skills shortages through further incentives on apprenticeships, education funding etc.


ANALYSIS OF FINDINGS • Following the General Election, which sentiment below reflects your views on economic growth in quarter 3?


a) The growth of the UK economy


Slightly more optimistic 61%


Much more optimistic


13%


Slightly more pessimistic


5% Neither


optimistic nor pessimistic


21%


c) Your business’ growth and future prospects


Almost three quarters (74%) are more optimistic about UK economic growth in Q3.


Almost seven out of 10 (69%) respondents are more optimistic about their business’ growth and future prospects.


Much more


optimistic 11% www.businessmag.co.uk 58% 18%


Slightly more optimistic


Slightly more optimistic


b) The growth and future prospects of the local economy


More than seven out of 10 (71%) are more optimistic for the future of the local economy.


21% 55% 16% 8%


Slightly more pessimistic


Much more optimistic


Neither optimistic nor pessimistic


Neither optimistic nor


pessimistic


Slightly more


pessimistic 13% THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – SEPTEMBER 2015


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