BUSINESS SURVEY: Mark Jackson, Azets’ Peterborough office Managing Partner, has revealed the results of the city’s tenth annual business survey, organised in conjunction with economic development agency Opportunity Peterborough

June 13, 2023

Mixed outlook but cautious optimism for Peterborough’s businesses

A new survey has revealed a mixed outlook for small and medium-sized businesses (SMEs) in Peterborough, with nearly half expecting a stronger performance over the next 12 months.

 

The annual Greater Peterborough Business Survey was undertaken by Azets, the UK’s largest regional accountancy and business advisor to SMEs.

 

The survey is now in its tenth year and received responses from a wide cross-section of businesses across the city.

 

Organised in conjunction with the economic development agency Opportunity Peterborough, the 2023 survey provides valuable insight into city business life.

 

Peterborough’s SME businesses believe there is a mixed outlook for firms in the region with trends struggling to recover to previous highs.

 

The survey, undertaken in March, shows that nearly half of SMEs in Greater Peterborough (42%) expect to achieve a stronger performance over the next 12 months.

 

Expectations for increasing capital investment remain low, but a growing proportion of respondents indicate they will invest in higher staffing levels next year.

 

More businesses had a stronger performance last year (44%) than the year before (37%), but there was a similar increase in those showing a weaker performance, 28% this year up from 23% last year.

 

Most businesses expected operating costs to continue to increase and one-third of them said that one of the top three obstacles to business growth was finding the right people, with 69% of businesses saying that recruitment remained challenging.

 

The survey, the only one of its kind to focus exclusively on Greater Peterborough, gauges the performance of local businesses, common challenges and key areas of opportunity, with business leaders and decision-makers taking part in the online questionnaire.

 

Mark Jackson, Partner at top 10 accountancy firm Azets’, which has an office on Lincoln Road, Peterborough, has urged businesses to take note of the report’s findings.

 

He said: “Businesses across Greater Peterborough cover a wide variety of sectors and perhaps that is part of how we manage to be more resilient than other cities.

 

“With the challenges many businesses face in recruiting the right people, the work being done by many in Peterborough to continue to develop education and skills remains vital.“

“One of the interesting themes that came out of the responses was how many business leaders are focussing on their own systems and processes, seeking to make a number of smaller changes that collectively make a difference.

 

“Changing customer needs, a changing workforce and new technology often mean that there is work to be done to maximise efficiency within any organisation.

 

“We hope that the survey findings stimulate debate within and between businesses and that we learn from each other to make businesses within the area as successful as possible.”

 

Tom Hennessy, Chief Executive at Opportunity Peterborough, said:  “What continues to inspire and motivate me is the enthusiasm, resilience and wealth of talent across Peterborough.

 

“World events have impacted every business, changing the way we work, think and do business, and I sense a continued air of cautious optimism for the future.

 

“As we consider what the next 10 years of the survey may bring, no doubt we will continue to face challenges, but businesses will continue to adapt and no doubt digitalisation, sustainability and skills will remain at the top of our agenda.

 

“The Opportunity Peterborough Bondholder network will continue to support businesses as they continue on their journey.”

 

View the 2023 Greater Peterborough Survey here: https://tinyurl.com/yreumx2b