The economic downturn of recent years affected economies across the globe, but the United Kingdom is one of those that are leading the race to economic recovery. There have been many signs over the last 4 years that a recovery is well underway, from falling unemployment, to raised house prices and increasing consumer confidence. A recent survey by the CBI confirmed that UK business growth was at its highest level in ten years. Here, Glowing Global review the survey, and consider the implications for businesses nationwide.
“It’s been obvious to those of us within the world of business that a real and sustainable recovery is taking place”, said Ricco Katona, director of Glowing Global. “The CBI survey is further affirmation of this. It’s exciting news for businesses across all sectors, but entrepreneurs have to ensure that they’re ready to make the most of the new opportunities that are out there.”
The survey by the Confederation of British Industry asked a large sample of 726 companies about their recent financial performances. The results made very heartening reading for entrepreneurs across the UK. The survey showed the strongest rate of growth ever seen by the poll. The survey itself was started more than ten years ago, at a time of economic boom, thus making the figures even more impressive. On the back of this survey, the British Chamber of Commerce has revised its forecast for growth in 2014 upwards from 2.8% to 3.1%, and they are also predicting this growth to continue into 2015 and 2016.
The CBI stated many reasons for the significant improvement in the UK economy, which continues to outperform many in Europe. These include increases in business investment, and improved sales figures as a result of the increase in consumer confidence. This has also been helped by improved credit conditions, that has led to consumers being able to borrow again at favourable rates.
“It’s good to see that the British Chamber of Commerce has reacted to this survey, and predicted growth into the foreseeable future”, said Ricco Katona. “This helps entrepreneurs plan ahead with added confidence. It’s a time to be bold, and invest in new products and ideas that will help your company reach the consumers.”
Customer acquisition is just one of the specialist areas of Glowing Global. Their innovative marketing campaigns can help businesses of all sizes achieve growth this year, and beyond.