75% of businesses in Bishop’s Stortford feel more confident about the future according to research conducted by regional accountancy practice, Price Bailey.
Price Bailey surveyed 40 local business leaders at the ‘Bishops Stortford Means Business’ exhibition at Rhodes Art Complex in October, as part of their ‘Inside the Minds of Business Leaders‘ ITM research carried out earlier this year, which surveyed over 400 businesses from across East Anglia and London.
Are we seeing the end of the 5-year business plan?
It is widely accepted that uncertainty surrounding Brexit is unnerving businesses in the UK. The research showed that business leaders in Bishop’s Stortford are taking a more short term view when it comes to business plans, with 68% of those surveyed opting for a medium to short-term plan. These findings concurred with the broader research of ‘Inside the Minds of Business Leaders’, which showed that 90% of higher growth firms are more likely to favour a medium-term business plan of just one to two years over a long term business plan.
Tom Meeks, Senior Manager at Price Bailey, said: “The research that we carried out earlier this year studied 400 businesses over East Anglia and London, including Hertfordshire. We presented our findings and conducted live polling of the audience in April at several events across the region. We wanted to survey business leaders at the Bishops Stortford Means Business exhibition to compare and contrast the opinions of local business leaders with those that took part in the main research.”
“Even with Brexit on the horizon; our results paint a very optimistic picture for the future.”
The event saw exhibitors from all over the county attend. Price Bailey took the opportunity to speak with local business leaders, six months on, to gain insights into the challenges and opportunities for businesses in and around Bishops Stortford.
Optimism despite Brexit looming.
Commenting on the initial findings, Meeks went on to say “Even with Brexit on the horizon; our results paint a very optimistic picture for the future. 62.5% of the business leaders surveyed believe that the financial position for their company will improve over the next 12 months, and 75% of those asked feel more confident about the future.”
Price Bailey intends to continue to expand their research by surveying local business leaders at a variety of events across the region over the next 12 months. A copy of the Inside the Minds of Business Leaders research is available to download from www.pricebailey.co.uk/leaders.