Businesses in Stoke-on-Trent and Staffordshire are 'confident' for the year ahead despite the ongoing challenges posed by inflation, global politics and the pandemic, a new report has found.
Stoke-on-Trent and Staffordshire LEP questioned almost 800 local businesses as part of its Situation Report (SITREP) and accompanying business insights survey in January.
Now the results have been published to what the LEP says is the 'largest intelligence gathering exercise' it has ever undertaken. It enabled the LEP to gather real-time insights, remain in-touch with the issues that businesses are facing and work with partners to find solutions.
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The report found that business owners, on average, said that they were largely confident for the year ahead, scoring seven on a scale of one to 10.
Further to this, 74 per cent of businesses said they had cash reserves to last for at least six months and 37 per cent of surveyed firms said they were currently hiring, with only one per cent of businesses saying they would consider making redundancies.
Meanwhile 39 per cent reported that they had found it difficult to fill their vacancies – particularly those operating in the digital and healthcare sectors where highly-skilled workers are required.
Rising inflation rates was identified as the main challenge by businesses.
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Alun Rogers, chair of Stoke-on-Trent and Staffordshire LEP, said: "At a difficult time for many, it's heartening to see a vote of confidence from our resilient local business network.
"While we understand there's an air of uncertainty, most SMEs are putting their best foot forward and continuing to scale up slowly and carefully. It's a time of optimism for our region."
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Alun added: "This business survey provides us with an invaluable and unparalleled level of insights into the needs of our business community. As the voice of business, we are using this data to work with local stakeholders and our national Government partners to help provide the business support that is needed most.
"And while there are challenges facing businesses, we are here to help however we can. SMEs can contact the LEP or the Growth Hub for assistance with a myriad of potential challenges, including digital transformation, training staff and recruiting skilled workers, and enhancing green credentials. If you have a business in Stoke-on-Trent or Staffordshire and you think you would benefit from some support, please do pick up the phone to the LEP."
The Stoke-on-Trent and Staffordshire Growth Hub is contactable on its Business Helpline – 0300 111 8002.