Two thirds of mid-sized businesses in the Midlands believe now's the right time to invest in their business, regardless of the current lockdown and ongoing economic challenges facing the region.
The latest BDO Rethinking the Economy survey of 500 mid-sized businesses, discovered that the top three Midlands investment priorities in 2021 are investing in technology and new processes to increase business efficiency, developing initiatives to aid employee wellbeing and hiring graduates and apprentices.
However, Midlands businesses have called around the Government to do the same, to make significant progress in ‘levelling up’ the united kingdom regions over the next three years.
When asked about the top three investment priorities for the region, company leaders are contacting the Government to invest in 5G and internet connectivity (50%), develop more commercial space for business (40%) and mandate more devolution to municipality (40%).
The Rethinking the Economy survey also revealed that 39% of Midlands businesses expect to get over the pandemic within seven to Twelve months once the toughest restrictions are lifted.
Right now they are still focused on managing the impacts of COVID-19 restrictions, restructuring their workforce, including making redundancies and managing a general reduction in demand for their products or services.
Commenting around the findings, Tim Foster, partner at BDO, said: “It’s very clear that managing the impact of ongoing COVID-19 restrictions continues to be a number one priority for businesses, but companies are looking ahead and considering ways they can re-think their approach and create long-term value.
“It’s encouraging to see a real appetite for investment among the region’s mid-sized businesses, as a means of improving operational efficiencies and clearly placing purchasing people and their well-being at the centre of their future strategy.”
In the Midlands, 43% of companies feel greater funding support is required through repayable loans, 36% want to see a relaxation of restrictions as soon as possible and 36% feel greater funding support through non-repayable grants is the key to their recovery.