Thames Valley: Thames Valley Business Barometer reveals economic confidence levels remains at record high
The Thames Valley Business Barometer, a collaboration between accountancy and business advisory firm BDO LLP and PR and marketing business C8 Consulting, reveals that business confidence in the region is at a record high.
The Barometer has recorded a staggering swing in confidence levels from 31% to 90% over the past year, demonstrating how the mood of the region has altered.
90% of business leaders surveyed felt that general levels of economic confidence have improved, with only 2.5% feeling that it had deteriorated. This compares to 79% who felt that economic conditions had improved in the last survey in December 2013 and just 31% in Q1 2013.
Alongside strong business confidence levels, order books, turnover and profitability continue to accelerate. 82% said that turnover had increased and in the next six months 86% expect turnover to increase even further.
With such an optimistic outlook, it is no surprise that headcount has also increased in the past six months for the majority of businesses (61%), with 71% stating that they expect to increase headcount further in the next six months. While this is good news for local businesses it will inevitably put pressure on the ever-increasing ‘war on talent’, as demand for skilled staff outstrips supply.
The Barometer also looked at ‘Going to Market’ strategies, to understand how businesses in the region intend to sell and grow. Questions focused around where companies are selling, what overseas opportunities exist, as well as the barriers to entry. The full results of the survey will be contained in the Barometer report which is due to be published at the end of June and which will be featured in the next issue of The Business Magazine.
