Business Barometer Spring-Summer 2013
Spring/Summer 2013 Business Barometer results
The Spring/Sumer 2013 Business Barometer is the seventh in a series of business surveys carried out by the TDA. We asked a number of questions to identify how Torbay businesses are feeling about the economy and what they see as challenges and growth opportunities for the future.
Responses came from businesses across a number of sectors and the majority of respondents were businesses employing less than 10 people, reflecting what we know to be the business composition of the Bay.
The Economy
Business confidence in the economy is growing, with 44% of respondents reporting an increase in business turnover in the three months prior to completing the survey compared to 35% in the Autumn 2012 survey. The number of businesses reporting growth in staff numbers has also increased from 16% to 27%.
Over the next 3 months businesses seem cautiously optimistic that the economy will continue to improve, with 56% expecting turnover to grow over the next 3 months and 52% expecting to see modest growth over 12 months. This is a marked increase on the 12% who expected to see growth in the three months from September 2012.
When comparing year on year, sales seem to have been improving gradually for respondents since Spring 2011. In the latest survey the highest number of respondents reported lower sales compared to this month last year than in the previous 3 surveys. Although many seem optimistic this suggests there is still some way to go as the economy begins to recover.
Future Development & Challenges
We asked businesses what the main reasons were for being at their current location, and what factors are likely to help or constrain growth in their business. 65% of respondents think they will still be located in Torbay in 10 years time, while 33% may move away. Family connections (34%) and key customers in the area (34%) are the most influential factors in causing businesses to stay in Torbay.
The most common reason given as to why business would move away include lack of appropriate commercial space/facilities, highlighting the need to improve the offer in the Bay if we are to retain and grow the business base. Businesses also highlighted a lack of space for expansion or suitable premises as the thing most likely to constrain their growth. Transport infrastructure is also identified as both likely to constrain growth (23%) and as a factor which could cause respondents to move away (17%).
Business Organisations & Exporting
There are a number of business organisations and events in the Bay. The most popular of these with survey respondents is the Torbay Business Forum with 44% attending meetings. Respondents also attend the Federation of Small Businesses (33%), TDA Friday Events (29%) and Chamber of Commerce (27%). Torbay businesses also attend meetings run by Outset Torbay, Devon International Trade Forum, Manufacturing Forum and the Business Improvement Districts.
Networking opportunities are by far the most common reason why respondents attend meetings or are members of organisations, followed by lobbying and awareness of local issues.
The next survey will go live in Autumn 2013.