Survey Overview

The TDA’s Autumn 2011 Business Barometer survey is the 4^th in a series of surveys designed to gauge how companies in the Bay feel about certain core subjects. It is an extremely useful tool, with 107 responses to the survey giving us a good insight into the thoughts of the local business community. 

The Economy

We are now building up a picture of the economy through the eyes of local businesses. Business turnover within the last 3 months seems to have grown more strongly than in the period prior to the Spring survey. This is mirrored in sales, with 42% of businesses reporting better sales than this time last year, an increase of 5% on the last survey. While this is a good sign there seems to be a cautious approach to the future, with 22% of respondents expecting a decrease in turnover. This is a concern, but could reflect the end of the summer season.

Business Support & Skills

This survey asked a number of more detailed questions about the business support organisations companies in the Bay belong to, and how they feel skills and training impact on their businesses. Key findings include:

• Membership of both the FSB (36%) and chamber of commerce (20%) are higher than the Heart of the SW Local Enterprise Partnership (LEP) area. Across the LEP area 23% of businesses are members of the FSB, and 13% belong to a chamber of commerce[1].
• 23% of respondents have sought external finance in the last 12 months, with the most common lender being high street banks. We are working with banks to try and ensure Torbay businesses have the best possible chance of securing finance. Presentations from a recent event can be found here[t1] .
• A third of respondents are interested in signing up for the TDA’s Ambassador programme promoting Torbay to other businesses, suggesting they are proud of their business and the area they work in.
• 13% of respondents have found a vacancy hard to fill, for a variety of different reasons.
• Businesses in Torbay are investing in training. 41% of respondents have provided on the job training, and 45% have sent employees on training courses away from their normal duties. The biggest barriers to training are cost and time.
• 15% of businesses employ apprentices, although a relatively low figure, this compares favourably to the Heart of the South West Local Enterprise Partnership area as a whole where only 7% of businesses indicated that they were employing apprentices. 21% of businesses also indicated they would like more information on apprenticeships.