BDO provides a full audit, tax and business advisory service to clients in every major financial centre from Swindon down into the South West Peninsula and from Cheltenham to Poole, taking in Exeter, Plymouth and South Wales.
REGIONAL SNAPSHOT
South West businesses are expecting to return to pre-COVID-19 revenues in the next 7-12 months, while positive they face pressure from unpredictable demand, staff shortages and getting access to funding.
REGIONAL HIGHLIGHTS
Our latest rethinking the economy survey, found that mid-market businesses in the South West fear that inflation and supply chain disruption will have the biggest impact on their business over the coming year. Access to staff and recruitment also remains a prominent issue as almost a third (30%) of businesses are prioritising future investments in training and upskilling existing employees, while a further 14% plan to make improvements to physical premises.
Despite these concerns, optimism shines through as 44% of companies in the region expect to see their revenues return to pre-pandemic levels within a year, and more than a quarter (27%)believe the Governments investment in public services will have the greatest impact on their business.
When asked about the immediate priorities over the next 3 months, business leaders in the region are focused on managing higher operational costs, restructuring workforces, and managing cash flow.