It’s Wrong To Assume The South Always Outshines The North
It’s incredibly annoying when people dismiss a company’s chances of progressing simply because of its geographical location.
We know that London is a breeding ground for small and medium-sized enterprises (SMEs) that eventually go onto become thriving corporate behemoths, but that doesn’t mean other regions of the UK aren’t producing a steady stream of successful start-ups as well. Based in the north-west of England, alldayPA deals with a multitude of burgeoning organisations that have the potential to be huge. Handily, the notion that London is not the sole driver of the UK’s SME revolution has now been backed up with cold, hard statistics.
The regions are going strong
An article published by the Daily Telegraph this week highlighted a study conducted by Barclays, which showed that small businesses in the regions are growing at almost the same pace as their London counterparts.
While SMEs in the capital expanded by ten per cent in the first quarter of 2014, small firms in the south-west (9.3 per cent), north-west (nine per cent) and Yorkshire (8.7 per cent) were not far behind. The fact that businesses in all of these areas expanded at a faster rate than those in the south-east (8.3 per cent) – a region that is usually viewed as an economic stronghold due to its close proximity to London – speaks volumes.
Sue Hayes, Barclays Business Banking managing director, explained to the news provider why SMEs are suddenly performing much better.
“Improved job security and more robust house prices are underpinning a rise in consumer confidence. These are the two key factors that are directly impacting the growth in income among SMEs,” she was quoted as saying.
The services sector leads the way
Now that we’ve established that entrepreneurs certainly don’t have to move to London to stand any chance of maximising the potential of their new business, we can put regional rivalries to one side for a second and concentrate on the bigger picture.
A new report published by the Confederation of British Industry (CBI) showed that the services sector is faring particularly well at the moment, with firms more upbeat than they have been for a very long time. In fact, in the three months to May 2014, levels of optimism were at their highest since the survey was first conducted in 1998.
This followed on from a separate CBI study from last week, which confirmed the manufacturing sector is also growing at an impressive rate. Some 39 per cent of businesses in this industry expect output to increase in the coming quarter, while just seven per cent are bracing themselves for a downturn.
It seems that wherever you are based in the UK, the potential for entrepreneurs to make a big name for themselves in the business world has hardly ever been greater.