Businesses in Swansea Bay are feeling positive about 2018 according to the latest Business Barometer survey from Swansea Bay Business Club.
The Club’s first survey of the year has revealed that eight out of ten (87 per cent) businesses surveyed said their performance over the last three months was better or as good as the previous quarter. Nine out of ten (96 per cent) of those businesses also said they expected to perform better or as well in the next quarter, with just over half of those (51 per cent) expecting a significant improvement.
But 30 per cent of respondents said price pressures from customers remained the biggest barrier to growing their business with the availability of skilled workers posing the second highest barrier to growth at 27 per cent.
Looking ahead, almost half of respondents (48 per cent) say they expect an increase in profitability over the next three months. There’s good news for jobs too as 42 per cent reported that they expect an increase in staffing levels over the next 12 months.
Paul Gardner, President of Swansea Bay Business Club, said the Business Barometer findings paint an extremely encouraging start to the year: “It is great to see that businesses are reporting a steady improvement in terms of confidence. Sales and orders are showing significant improvement on the previous quarter with 39 per cent of those surveyed saying their business had performed stronger this quarter. The outlook looks positive for the rest of 2018 too as most companies expect both profitability and staffing levels to improve over the coming year. In general there has been a positive change across all indicators this quarter, so things are definitely moving in the right direction, highlighting the determination and ability of Swansea Bay City Region businesses.”
Swansea Bay Business Club, which was established in 1949, is the regions oldest and largest business networking group with over a thousand members and supporters attending its monthly events. It costs just £40 a year to become a member.