Upbeat outlook for adaptable firms in region
WALKING through Leeds city centre recently, it was hugely encouraging to see so many people shopping and dining out. This positivity is reflected in Lloyds Bank’s most recent Business Barometer report, which reveals that businesses in Yorkshire and the Humber are the most confident in the UK.
Overall business confidence is at 60 per cent, 29 points up from the previous month and the highest it has been since pre-pandemic. But confidence doesn’t come from resilience alone. It’s also about making a proactive effort to pivot and innovate.
Encouragingly, 70 per cent of local firms are optimistic about their trading prospects, demonstrating excitement about the future as new growth opportunities emerge. When I speak to local businessowners and leaders, it’s evident that continuous investment in our region is spurring this boost in confidence and creating a more positive environment for firms to develop and grow. With new Investment Zones planned for West and South Yorkshire, now is the time for businesses to ensure they have the best teams in place.
The Business Barometer shows that almost half of businesses in the region expect to hire more people over the next year, a hugely encouraging figure that clearly shows firms are thinking more long-term in their strategies.
Firms are also exploring avenues such as enhancing what they can offer in terms of products or services, and the most efficient ways to integrate new technology.
This ability to adapt and adjust has never been more important. But small and medium sized businesses are in luck. Due to their size, they’re often closer to their customers and can take on board feedback before making changes quickly. With ongoing geopolitical challenges and external pressures impacting firms, the ability to evolve their offering and explore new ways of working is essential and will help our region’s firms continue to thrive.
Another change is the increase in firms adopting more sustainable operations. At the heart of Yorkshire’s business landscape is a focus on how they can lessen the impact on the environment.
Sustainability is more than just a buzzword to attract customers but a cornerstone of efficiency and a catalyst for creating new opportunities.
One business that Lloyds Bank has supported in this transition to greener ways of working is Dewsbury-based Forktruck Solutions. The firm embraced net zero initiatives and transitioned to a more sustainable business model by investing in net zero vehicles. Not only is the business becoming more eco-friendly, its turnover has grown by 20 per cent.
Yorkshire and the Humber businesses have a wealth of opportunity ahead of them. From developing new sustainable strategies to evolving what they offer as consumer demands changes, we’re proud to be by the side of local firms as they look to maximise the growth opportunities ahead.
We know there will be future headwinds, but if firms continue to look ahead and put plans in place now to futureproof themselves, they will be in a strong position to capitalise on new opportunities.