East of England first pick productivity, hiring and investment as top new year’s resolutions
Business / Sat 30th Dec 2023 at 05:06pm
NEW research from Lloyds Bank has found that more than a third (36%) of firms in the East of England are making New Year’s resolutions to improve their productivity, as businesses signal confidence in more positive macroeconomic conditions ahead. This optimism about the future comes after 2023 being a tough year for businesses, as they faced into high inflation and a sluggish economy.
The data revealed the top three areas where firms are focusing their attention as they head into the new year, with two fifths (40%) planning to hire more staff, a third (32%) focusing on staff training and another third (32%) concentrating on developing their business.
As businesses take stock of 2023, many are reporting they are looking at ways to ensure they have a healthy cashflow, with a quarter (25%) of firms reporting plans to keep a closer eye on costs over the next 12 months.
With the expectation of inflation continuing to fall, three quarters (75%) of firms are confident that they will see their business become more profitable in 2024 compared to 2023.
Almost three fifths (57%) expect their turnover to increase in 2024. Of those expecting an increase in turnover, more than one in ten (13%) anticipate growth of 5%-10% and almost one in ten (8%) have eyes on growth of 11%-20%.
Dene Jones, regional director for the East of England, said: “2024 looks to be a promising year for firms in the East of England. While this year has had its challenges, falling inflation and the stabilisation of interest rates are helping to create an environment where businesses are more confident about making plans to boost their productivity and target growth.
“Firms that are taking the time to implement plans and carefully manage their cashflow will ensure they are ready to benefit from new opportunities and to tackle any headwinds they may have to navigate.
“No matter what the New Year brings, I know that firms in the East of England will be ambitious to invest in their businesses and grow, come rain or shine. We’ll continue to be by their side to help them realise their ambitions in 2024.”