Allied Irish Bank (GB)’s Steps to Growth report shows that 73% of owner managed businesses (OMBs) say they will be in a stronger financial position in a year’s time while only 3% say they will be worse off.
Owner managed businesses are defined as businesses with a turnover of £1m+ where the owners, family members or shareholders are involved in the day-to-day decisions and activities of the entity or are directors of the company.
One third of businesses describe themselves as ambitious with a strong appetite for growth with plans to make it happen, and 20% will use alternative sources to fund future growth (including crowdfunding).
Owner-managed businesses are creating wealth and jobs across all sectors and regions. Together they account for almost half of the nation’s private-sector employment and contribute around £750bn to our GDP.
Allied Irish Bank (GB)’s Steps to Growth report of touches on the regional splits across the country as well as sectorial viewpoints on business growth.
Commenting on the findings of the report, Brendan O’Connor, managing director AIB Group (UK) p.l.c. said:
“More than two thirds of the businesses we spoke to believe they will be in a stronger financial position this time next year. A third have a clear strategy for achieving growth, while another third expect to be more opportunistic, creating new products and services in response to changing demand, or seizing market share where they can.”
Tony Kelly, regional director North of England at Allied Irish Bank (GB) added: “Companies in the North West, the home of expanding overseas investors such as AstraZeneca and Vauxhall General Motors, are especially optimistic: Over 70% say their best days are still to come, by far the highest proportion of the companies we surveyed.
“To further highlight this confidence 78% of business surveyed in the North-West expect to hire additional staff in the next 12 months with 11% asked expecting their workforce to grow by more than half.”
Steps to Growth opens the discussions around crucial business topics, including the number one way companies implement their growth strategy, where 65% state operating efficiently is the solution. Other report findings include innovation being the key part of business strategies with three out of four respondents identifying it as highly important, especially within manufacturing and recruitment.
Interested in more stories like this? Sign up for the BQ Breakfast.
Our BQ Bulletin emails will land in your inbox at 7.30am, Monday to Friday, with a mix of the latest local business news, national news, and features to inspire you. Sign up here!
Click here to read our privacy statement