Business leaders in the East Midlands are predicting reduced growth following the shock Brexit vote earlier this year.
High Growth, a leading business coaching and training service, compiles regular data and feedback on the East Midlands’ economic health from 500 high growth businesses.
The survey found that ambitious businesses now expect to achieve growth of +11.8% over the next year, a drop of 4.2% from January when these businesses predicted a growth rate of +16%.
Founder of High Growth, Stuart Ross, said:
“It is disappointing that the optimism felt earlier this year has weakened, but considering the economic uncertainty following the UK’s decision to leave the European Union in June, this dip is sadly unsurprising.”
The survey also asked business leaders their biggest barriers to growth going forward, with 45% expecting finance to be a problem in the next year, rising from 39% when asked in January. Competition is also predicted to become fiercer, with 57 per cent believing it to be potential growth-slowing factor, a figure that previously stood at 48%.
“Businesses can still thrive in these uncertain times if appropriate support is available to them. Now is the time for businesses to take advantage of new opportunities.
“At our fourth annual High Growth Summit this October we’ll be hearing from some great business minds and influencers who will be sharing their wisdom and experience. In times like these, practical ideas and strategies that can be readily implemented in a business to facilitate growth are crucial.”
The High Growth Summit will take place on the 7th October at Medicity, more details can be found at www.highgrowthsummit.co.uk.
“Businesses can still thrive in these uncertain times if appropriate support is available to them. Now is the time for businesses to take advantage of new opportunities."