• Sat. May 25th, 2024

North East Connected

Hopping Across The North East From Hub To Hub

North East business owners eager for change

A third (32%) of North East business owners want to change the way their industry does things, according to a study by chartered accountants, Haines Watts.

The national accountancy firm behind the survey has offices in Newcastle and Darlington, and has over 80 years of experience, specialising in the owner-managed business sector.

The organisation found that not only did North East company owners want wider industry change but they also had their sights firmly set on business growth, with 30% of business owners setting growth targets of 21-30%. These targets are more ambitious than other regions for instance when compared with Yorkshire (18%), North West (24%) and South West (19%).

Donna Bulmer, Managing Partner at Haines Watts, said: “It’s great to see that business owners in the region are keen to drive change and grow their businesses. These findings are very positive for the North East and demonstrate the innovation and ambition which can be found here.

“This research shows that our regional businesses are keen to make their own success, supporting their both their employees and the local economy. It’s refreshing to see the resilience and commitment of business owners in the region working to boost both business and economic growth.”

Nationally, only 28% of businesses expect their company to do more work overseas in the future. However, owners in the North East are the most inclined to do more overseas business. As part of growth targets and the drive for change, 41% of North East business owners surveyed want to do more work overseas to develop the international reach and activity of their businesses.

Bulmer adds: “Far from being deterred by recent uncertainty in the political and economic climate, company owners in the North East are staying highly motivated in growing their businesses within the region and much further afield.

“With two fifths (41%) of business owners enthusiastic about increasing the level of work they do internationally, it shows the optimistic and industrious spirit of the region and its hard-working business owners.

“The survey results correlate with the attitude and drive of the owner-managed businesses we work with and support on a daily business. It shows a really optimistic approach to business from the region and a passion for change.”

The firm’s Love or Money survey is based on companies with a turnover between £1 million and £50 million. These findings represent the second part of a three-part series of studies aimed at exploring the purpose and motivations for running a company in the UK, whilst allowing business owners to benchmark themselves against others.

To find out more about the Love or Money survey, visit: www.hwca.com/for-love-or-money.