European Business Confidence Grows
A study of European business leaders has revealed a newfound business optimism with 80% of them predicting growth over the coming year.
The research, by European Business Awards finds that as many as half of those questioned expect a growth rate of at least 10% by the end of 2011 as a result of aggressive business planning.
A further third of respondents are anticipating business growth rates of as much as 20%! Three years of business survival due to the worldwide economic recession is now being replaced by aggressive business growth.
Many of those businesses questioned (a third) are looking to expand beyond their own domestic borders whilst a fifth are looking to global markets beyond the European Community – China and India are looking to be prime targets for renewed business strategies.
Other findings include a realisation that business knowledge is key to expansion with SMEs understanding that being on top of their game in terms of expertise is crucial to further development.
Furthermore, staff, some of the first casualties of the downturn, are high on the list of investments for the new age with more than half of the businesses questioned expecting to recruit more staff and around a quarter planning to invest more in their current staff (See yesterday’s timely article about how the Café Culture can Transform SMEs)
Adrian Tripp, CEO the European Business Awards, comments:
“It is greatly encouraging that after a tumultuous couple of years, businesses across Europe are predicting brighter times ahead. Our research indicates that business leaders are setting themselves up for growth and they have ambitious targets in terms of levels of trade and staffing levels. What’s more they are looking outside of their traditional comfort zones to make it all a reality. We have spoken to many businesses across Europe and we have been hugely impressed by the way they have developed, adapted and innovated their way out of a cavernous recession.”
Rosa Wilkinson, Marketing Managing Director of UKTI, added:
“International trade is key to our economic health and future growth. Successful businesses are those that constantly reach out to new customers and new markets. Those companies will generate new ideas, new jobs, and new wealth. I am hugely encouraged by the energy I see in businesses looking to internationalise. Their energy is driving the outstanding performance that will underpin our recovery.”