Business West has just published the results of its Q1 2023 Economic Survey.
The full report can be found here https://www.businesswest.co.uk/resources/quarterly-economic-survey-q1-2023
Based on 319 businesses in the South West, mostly with less than £10m turnover, it suggests times remain tough but with some signs of improvement. The picture is slightly rosier / less gloomy among manufacturers than among service businesses.
- Overall business confidence remains negative but improved since Q4 2022
- 60% report their resilience as good or excellent
- Cost inflation, stagnating sales and recruitment remain the biggest concerns
- Targeting new customers or markets and finding new ways of working are the main adaptation strategies