Growth Company business survey reveals optimism of Greater Manchester firms

The Growth Company has published the results of its most recent Business Survey, outlining the strengths and key concerns of businesses across Greater Manchester.

The survey, conducted in October 2021, revealed that businesses in the city-region are more optimistic about their growth prospects compared to the same period last year. 74% of firms expect an increase in profits, with the creative, tech and professional services sectors the most confident for future growth.

However, only a quarter of firms experienced an increase in sales over the last eight weeks ahead of their survey response. The number of businesses reporting decreased sales has increased since the previous Situation Report, with hospitality (50%), manufacturing (33%) and retail businesses (29%) worst affected. Businesses also reported feeling the pressure of supply chain disruption, with 29% indicating a negative impact from Britain’s withdrawal from the EU, as well as inflationary pressures from rising costs of energy and materials.

Despite current challenges, employment plans for businesses reflect current optimism in the local economy. 89% of firms indicated they were not planning redundancies, with no change since the previous Growth Company business survey; the end of the furlough scheme this autumn did not lead to any significant negative impact on the Greater Manchester employment market.

Two-in-five firms also reported they were currently recruiting new staff, with developing the workforce and skills one of the top challenges facing respondents and key areas of future support firms would like to receive.

Fieldwork for the latest Growth Company Business Survey took place between 1st October and 1st November and received 166 responses, representing 147 businesses across all ten boroughs of Greater Manchester.