Business News
Businesses confident on reaching growth targets
Mid-market businesses in the West Midlands remain ambitious and confident in their growth prospects despite an unstable economic landscape and a challenging funding environment, according to new research from law firm Mills & Reeve. The study, Defying Gravity -
based on the opinions of 500 leaders of mid-market businesses across the UK – reveals that 90 per cent of mid-market businesses in the West Midlands plan to increase turnover in this financial year by an average of 25 per cent, and more than three quarters of those aiming to grow (76 per cent) are willing to bet their house on meeting this target. This ambition is not unrealistic,
with the new research also revealing that almost one third (28 per cent) of mid-market businesses in the West Midlands grew turnover by more than 20 per cent last year. However, 56 per cent of mid- market business leaders do not
Steve Allen (pictured), head of Steve Allen
believe that the economy is stable, with the same percentage also worried that economic uncertainty will disproportionately affect the mid-market. External funding is found to be lacking too, with almost three in five mid-market leaders (56 per cent) believing their company can’t achieve its potential without better long-term finance options being available. Fifty-two per cent of business
leaders stated that they don’t believe mid-market finance is fit for purpose, and 52 per cent believe that the UK funding environment is great for start-ups, but not for mid-market firms.
the Birmingham office at Mills & Reeve, said: “Against a backdrop of an uncertain economic landscape and a rhetoric that suggests business leaders must shore up, manage risk and protect themselves ahead of the UK’s uncoupling with the EU, the mid-market business community in the West Midlands remains both positive and resilient. “While there are some clear challenges surrounding access to finance for these well-established firms, this is not putting the brakes on their growth plans, with leaders instead choosing to invest in people, innovation and growing their export portfolio.” Defying Gravity follows Full
Scale Ahead, a 2015 study that explored paths to growth for mid- market businesses and the question of whether to scale or sell.
To download the full Defying Gravity report, visit:
www.wearedefyinggravity.co.uk
A seamless move for telecoms firm
A Cheltenham telecoms firm has helped communications equipment maker Steatite move offices – without missing a phone call. Bamboo Technology, of High
Street, Cheltenham, has worked with Steatite for 12 years, looking after their mobile phones and landlines. Steatite recently moved offices
to Leominster, and was keen to avoid problems it had experienced with a previous move. Bamboo marketing executive
Emily Giles said: “After a previous office move had left Steatite with no working phone lines for days due to missed appointments and errors from its suppliers, it was determined to ensure a seamless move to Leominster. “Steatite therefore handed over
the entire management of the move to Bamboo. Bamboo liaised with the necessary suppliers and partners directly, resulting in a seamless office move with all lines and internet access live on the day they moved in.” Jonathan Jackson, operations
director at Steatite, said: “Bamboo picked it up for us and worked with the existing partner directly to ensure the transition was completed as seamlessly as possible.”
November 2017 CHAMBERLINK 27
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