Positive news from the business community regarding growth

04 February 2022, 04:09 GMT
By Lucy Kaplan

Managed Services

Our managed services help your business to save money and maximise efficiency whilst giving you peace of mind that all of your systems will always run smoothly.

Confidence amongst the business community across Herefordshire and Worcestershire is high in the first quarter of 2022 with the overwhelming majority of organisations stating that they expect their business to grow over the next 18 months.

A huge 96% of businesses we asked predict growth during the next year and a half, with 21% foreseeing a large amount of growth and 75% anticipating some growth. 

We will be taking a gauge of the level of confidence amongst businesses in the region towards growth and the challenges they are facing at each quarterly Herefordshire & Worcestershire Chamber of Commerce Growth Forum.  

The first of this year’s Growth Forums, in association with EBC Group, took place this week at Aggborough Stadium, the home of the Kidderminster Harriers Football Club.

The Growth Forum was created to provide a platform for experts to share their knowledge and guidance for implementing growth strategies, helping companies to develop their competitive edge.

The event included talks from Richard Lane, owner of the Kidderminster Harriers and EBC Group CEO, and Russ Penn, Kidderminster Harriers First Team Manager, who discussed how they have grown the club together over the last two years.

It was attended by a variety of local businesses who heard from the speakers on topics including the crossover between football and business, finance and budgeting, and how good recruitment and teamwork are key to success.

Planning appears to be a key area of focus for businesses. 50% of the companies we asked advised that they had a business plan which they followed and updated, whilst 25% advised they had one but it needs updating and 21% are planning to create or working on one.

The biggest factors currently affecting growth for businesses in the region include Sales and Marketing, staff recruitment and funding, with Covid-19, business planning and support and staff retention also significant concerns.

Brand awareness, rising prices and a lack of qualified leads are the key challenges businesses are facing in terms of growing their customer base.

With cyber security coming to the forefront in recent years and cyber threats affecting businesses of all different types and sizes, it was a surprise to learn that 44% of Herefordshire and Worcestershire companies felt that it wasn’t a concern. A further 17% of organisations felt that they needed to improve their protection.

If your business needs some support with its cyber security strategy, EBC Group can help. For more information, visit www.ebcgroup.co.ukcontact us, or call us on 0121 3680154.

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