Small and medium-sized firms in Kirklees are taking action to benefit from the economic recovery – but need to make positive investment decisions now to fully capitalise in the coming years.
That’s the key message from the Ambitious Business report by HSBC Commercial Bank, which shows that almost two-thirds of SMEs across Yorkshire are actively planning for growth this year and 62% of business leaders are confident in the current economic climate – up from 40% a year ago.
However, 41% in Yorkshire still believe it is too risky to make significant investments.
Nationally, the report said improving conditions across the country have boosted revenues for SMEs by an average of £30,000 for each micro-business so far this year, £80,000 for each small firm and almost £440,000 for each medium-sized business.
A third of businesses in Yorkshire said that as the economy has improved competition has heated up, with 52% saying that if they don’t continue – or start – to invest in growth in the second half of the year they risk falling behind the market.
As part of its £6bn SME Fund, HSBC recently allocated £500m of new lending to Yorkshire to help businesses in the region achieve their growth ambitions.
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