The West Midlands is still a healthy environment for
entrepreneurs to start and grow businesses, according to research
commissioned by Yorkshire Bank.
Out of 80 West Midlands businesses surveyed, nearly
three-quarters (70%) believe the West Midlands is a good place to
start a new business. Over half also believe the regional economy
offers good prospects for both business investment (59%) and
long-term growth (63%).
Two-thirds (66%) of West Midlands companies believe the UK is a
business-friendly area. Over half (53%) of respondents believe it
will continue to be as easy or will become easier to start or grow
a business over the next two to three years. Nevertheless, a
similarly large proportion (46%) believes it may actually get
harder.
Stephen Cronin, managing partner at Yorkshire Bank's Financial
Solutions Centre in Temple Row, Birmingham, said the perception of
a healthy environment was a key aspect of starting or growing a
business.
He said: "As well as actively experiencing healthy economic
conditions, West Midlands business leaders and entrepreneurs need
to feel confident and believe the economy to be moving in the right
direction. Starting a business or investing to take your business
to the next level is an important personal and corporate milestone
which requires a number of factors to be successful."
As regards developing new markets, products and ideas, West
Midlands companies believe the information technology and
telecommunications industries are the most entrepreneurial with
nearly one in three (31%) believing this to be the case. Financial
and professional services (20%) and manufacturing and engineering
(14%) were the only other sectors to achieve significant
recognition for entrepreneurial spirit.
Stephen continued: "Many businesses are currently looking to
their future growth prospects with a growing degree of confidence.
Although there will continue to be economic challenges ahead, there
will also be opportunities for strong businesses which will enable
them to grow."
To help strong businesses realise their potential Yorkshire
Bank's Investing for Growth initiative is designed to help
successful businesses grow and develop by easing their cashflow
pressures. It offers both new and existing business customers a
dedicated planning service and a more flexible approach to
lending.