The latest research suggests that business is booming for micro firms in Yorkshire following the pandemic, with close to 50% of them reporting rising demand for their services or products.
Shawbrook Bank spoke to over 5.7 million companies throughout the UK that employ 25 people or fewer for its Micro Business Monitor report, and the results reveal that demand has risen for nearly half of those based in the Humber and Yorkshire. Furthermore, 57% of micro firms in that region – which amounts to nearly three fifths – indicated that the upcoming year will see them busier than ever due to burgeoning demand for them among the public.
Another 43% of the micro Yorkshire firms that participated in the survey said that they were targeting diversification and new sources of revenue during the next 12 months. The latter is something that accountants in Goole and other local places can potentially advise them on.
Shawbrook Bank’s Savings Commercial Director, Alun Williams, told B Daily that the optimistic view of the upcoming year among small firms in the Humber and Yorkshire was pleasing to see, and it was evidence that firms of that size are more adaptable to changing circumstances. He then added:
“Many firms have experienced huge changes over the past 18 months but have learned to adapt or innovate and are now in a position to expand their offering.”
Williams concluded by pointing out that micro firms that have been able to save money will be the best placed to improve the skills of their staff or add new employees.