PROSPER SPRING DIGITAL

CHAMBER NEWS
The full Black Country Chamber of Commerce QES
Quarter 4 2023 summary findings included:
Business Confidence - turnover to
grow next 12 months
Sales Trends: Domestic and Export
n 36 per cent of firms reported an increase in domestic sales, up
from 26 per cent in Quarter 3, while 42 per cent reported no
change and 14 per cent reported a decrease.
n 6 per cent of firms reported an increase in overseas sales while 14
per cent reported no change. 13 per cent reported a decrease.
n 31 per cent of businesses saw an increase in domestic orders this
quarter while 5 per cent of businesses reported an increase in
overseas orders.
Recruitment
n Just over half (57 per cent) of Black Country firms attempted to
recruit over the past quarter, down from 71 per cent in Quarter 3.
n 62 per cent of firms across the Black Country experienced
recruitment difficulties in Quarter 4 compared to 71 per cent in
Quarter 3.
n The majority of firms in the region found it difficult to recruit
skilled/ technical staff.
Black Country
% response
Profitability to grow
next 12 months
National
% response
Business Resilience
n Rising labour costs are rivalling the rise of utility prices as a
pressure point for businesses this quarter.
n Labour costs and utilities are among the highest concerns for
firms across all sectors in the region at 43 per cent and 47 per
cent, respectively.
n Cashflow has increased for 26 per cent of firms while investment
plans have increased for equipment and training for 20 per cent
and 24 per cent of Black Country businesses, respectively.
Black Country
% response
Sales increases expected in
next 12 months
National
% response
Business Confidence
n 71 per cent of Black Country businesses believe turnover will
improve over the next 12 months compared with 55 per cent in
Quarter 3.
n 58 per cent of Black Country businesses believe profitability will
improve over the next 12 months compared to 45 per cent in Q3.
Black Country
% response
National
% response
National trends: Confidence returns – just
The Black Country Chamber of Commerce results were
released after the latest British Chamber of Commerce’s
Quarterly Economic Survey, the UK’s largest independent
survey of business sentiment and a leading indicator of UK GDP
growth, showed a small rise in business confidence.
The national results showed the percentage of firms
expecting an increase in turnover over the next year (56 per
cent) had risen to the highest level since Q1 2022 when Covid
restrictions were lifted. The data also revealed that more firms
expect price hikes, ending the downward trend of the last two
years.
The survey, conducted in November, of over 5,000 firms
across the UK – 91 per cent of whom are SMEs (fewer than 250
employees) – showed:
n Business confidence improved in Q4, with 56 per cent of
UK businesses expecting an increase in turnover in the next
twelve months.
n Sales: Despite this boost, most firms continue to report no
improvement to sales, cash flow or investment.
n Downward trend in price growth expectations ends with
more expecting their prices to rise over the next three months.
n The hospitality sector continues to struggle
disproportionately, with nearly a third (32 per cent) of firms
reporting a decrease in investment.
16 PROSPER SPRING 2024