According to R3’s Business Distress Index, 63% of businesses in the region are expanding one way or another, a sign that owners are becoming more confident in the economic climate and have the necessary resources to do so.
Steve Ross, the chair of the Association, commented “the latest results are a welcome sign that the recovery is bedding in and gaining ground, and after such a prolonged period of stuttering growth - if any at all - it’s very nice to be able to talk about good news for a change.”
There have been predictions of a weary year for SMEs as many are unable to access the appropriate funding or do not know alternative sources available. However, despite these issues, a recent report from the North East Chamber of Commerce (NECC) revealed businesses were feeling more confident than ever.
While there are still a third of businesses struggling financially, those affected needn't be worried if the business acts now and considers ways to change, restructure, tackle debt and improve business strategy.
Overall, this is great news for SMEs. Hopefully, we will be seeing more surveys with much the same to report across the UK throughout this year.