East Midlands’ Businesses Gearing Up For Growth
Posted on 24. Jun, 2010 by editor in Business News
Roger Galbraith, area director for Lloyds TSB Commercial in East Midlands and Lincolnshire, discusses business growth opportunities.
Plans to grow your business may have been put on hold over the last 12 months but now could be the time to dust them off.
Encouragingly, according to a survey commissioned earlier in the year by Lloyds TSB Commercial, 91 per cent of businesses in the East Midlands believe that we are now out of recession.
While some companies have managed to thrive during the recent economic climate, most have come through a difficult period and are now looking to where growth may come from in 2010 and beyond.
Opportunities for growth could lie in increasing business from your existing customers, breaking into new markets, investing in new product development or diversifying into new business areas.
The key to successfully planning for growth is to identify which opportunities can deliver new sales and ensure you understand the investment required and risks involved in developing them. Then you will be able to weigh them up and consider the resources and advice you need to ensure success.
A few of the key areas of growth potential to consider are:
Exporting – are you missing out on the opportunities international markets offer? There is great demand overseas for quality UK products and technology has made the world a smaller place, offering certain SMEs opportunities that didn’t exist even five years ago.
Finance – how could you invest in your business to trigger growth? New facilities, premises, technology or production equipment could all be key to expanding if you explore available finance.
The London 2012 Olympic and Paralympic Games – if you think this vast global event doesn’t offer anything to businesses in the East Midlands, you may be pleasantly surprised. To help firms Lloyds TSB Bank has created an official Business Guide to London 2012, which you can download at www.lloydstsb.com/london2012business
The guide is designed to help businesses of all sizes and sectors identify the opportunities open to them, wherever they are based in the UK.
The Lloyds TSB Commercial team will be holding a series of local business seminars this year which are a great opportunity to network with other business owners and speak to independent experts on opportunities for growth.
