Bucks Business Barometer shows improved trading conditions in Q1 2023

The latest Business Barometer survey from the Buckinghamshire Local Enterprise Partnership and Buckinghamshire Business First has shown improved trading conditions and business performance in the first quarter of 2023.

However, high costs and staff recruitment and retention remain as concerns for businesses in the county. While business performance scores are positive in terms of sales, order books, turnover and workforce growth, higher costs mean that for many higher demand is not creating higher profits.

Around a third of respondents cited staff recruitment and retention as a challenge anticipated in the next year, making it the top worry of businesses in the region, followed by followed by concerns related to customers, such as consumer confidence and ability to spend, and high costs, namely energy, labour and/or materials.

Read more - Buckinghamshire’s Focusrite reports decreased revenue in Half Year 2023

Businesses were also asked for reactions to the Government’s Spring Budget, with a greater proportion (42 per cent) feeling less confident than those feeling more confident (29 per cent).

Philippa Batting, Managing Director, Buckinghamshire Business First, said: “The Business Barometer results help us ensure effective support is in place to support our business community in these economically challenging times. Help is at hand for businesses that are experiencing tough trading conditions with our broad range of business support packages, grant funding and advice.”

Caroline Hargrave, Research Manager at Buckinghamshire Local Enterprise Partnership, said: “The Business Barometer survey aims to understand how businesses have fared in the last few months in order to help build a picture of the needs and opportunities that exist in the Buckinghamshire business community.

”This valuable insight into the local economy is fed into our conversations with Government and other stakeholders to ensure the voice of Buckinghamshire firms is being heard nationally.”

The full findings of the survey can be found here.

Read more - Buckinghamshire’s Pinewood Studios launches trainee programme