Business owners ‘optimistic’ despite challenges, says Entrepreneurs’ Forum study

North East business bosses remain confident over future prospects despite economic challenges, according to a new report.

Findings from the Entrepreneurs’ Forum show 77 per cent of owners continue to be optimistic over performance, thanks to increased demand for products and services.

And more than 80 per cent expect turnover to increase over the next 12 months.

A further 60 per cent plan to take on staff, with nearly a quarter telling the Forum’s latest Quarterly Members Pulse Survey they hope to expand headcounts by more than 20 per cent.

However, more than half warned recruitment and retainment remains their biggest challenge, with 18 per cent cautioning the ongoing threat of economic uncertainty.

Elaine Stroud, Entrepreneurs’ Forum chief executive [pictured above], said: “It’s encouraging to see such a high level of confidence.

“With member businesses generating revenues in excess of £1.25 billion, our results provide an excellent insight into sentiment across the region.

“Although businesses are experiencing significant external challenges, these results show entrepreneurs have high levels of confidence in their own abilities to navigate through and achieve their targets.”