The outlook is bright according to the results of the latest quarterly Business Barometer survey from Swansea Bay Business Club.
Members of the business community from across the region were surveyed, with responses coming from a total of fourteen different sectors, including finance, retail, manufacturing, construction and hospitality – and the findings were notably upbeat.
More than 45 percent of all those surveyed said their businesses performed somewhat better in the last three months than they did in the previous three months. Adding to the positive outlook, 50 percent of respondents said they were expecting to perform even stronger over the upcoming three months.
Acting President of Swansea Bay Business Club, Alan Brayley, said: “The barometer gives us a useful insight into how businesses are performing and how they feel about the prospects for their businesses and for their industries and sectors. We are always delighted to receive positive feedback from our members on how they have been performing in recent months. It is notable that, while CEOs and MDs are attuned to wider economic concerns, their attitude seems very much about managed growth and investment, in order to expand their businesses.”
Further results from the survey evidenced that more than 45 percent of respondents expected to see a slight increase in profitability, 41 percent expected a slight increase in staffing levels, to reflect this profitability. While these figures clearly speak of optimism, more than 19 percent cited global and national economic performance as the single largest barrier to the growth of their business, with the availability of skilled workers being the second largest concern – occupying the minds of more that 23 percent of respondents.
Alan added: “Savvy business men and women are, of course, always looking ahead – forecasting and planning, and they keep themselves well-informed about upcoming trends and external influences and shifts that are likely to impact their business. So, it is no surprise that concerns over access to skilled workers, and the economic performance of the country are two issues that our members are engaged with.
“As a club, we will continue to support our members and do everything we can to engage with businesses in the region, and to assist in their growth, to the good of local employment and of the wider economy.”