More than nine in 10 private business owners in the South West are confident of delivering growth in 2025, according to a new report.
Technology was the leading investment priority for more than two-thirds of companies questioned, the survey by Big Four accountancy firm KPMG found. Areas such as artificial intelligence, cyber security and broader digital transformation were key focuses.
Earlier this year, KPMG unveiled its Private Enterprise Barometer, an annual survey capturing the perspectives of 1,500 privately owned businesses, including 119 in the South West, from across various industries.
Following a challenging six months of economic headwinds, KPMG has revisited businesses to understand how developments in the first half of 2025 may have influenced their outlook.
The survey found that diversification was high on the agenda. Nearly three-quarters of firms (73%) are looking to introduce new service lines and expand their client offering. Meanwhile, almost three in five (59%) are targeting entry into new markets.
Inflation remains the most pressing concern, followed by potential tax changes in the Autumn Budget.
The appetite for alternative funding options is also gaining momentum, with almost half (48%) of regional businesses now open to private equity investment.
David Williams, Bristol office senior partner at KPMG Ƶ, said: “It’s really encouraging to see growth confidence rising among the South West’s private businesses, which is a real sign of the region’s resilience and focus on the future.
“Business leaders are clearly taking a measured, long-term approach to growth, whether that’s through investing in technology or broadening their client offering. These steps are essential for staying competitive and unlocking new opportunities.
“It’s also positive to see nearly half of firms open to private equity investment as they explore new ways to fund innovation, support growth and strengthen their resilience going into the business end of the year.”
