17 Jan 2017
A new report, Hertfordshire Limited, has found that the 200 largest Hertfordshire businesses achieved substantial growth in 2016, with a combined growth in turnover of 12.3% or £15.4 billion like for like in the previous year.
The report also found that profits increased (by 9.6% to £1.25 billion), and staffing levels grew by 5.8%.
This is great news for businesses across the county as the success of the largest 200 companies will undoubtedly filter down to small businesses. The CBI believes that the collaboration between companies of all sizes is responsible for the overall success of UK business. They say that large companies rely on smaller companies along the supply chain, making them dependent on one another for their success and prosperity, and in addition, the competition helps drive innovation. This was recognised by the aerospace industry which, in 2013, set up Sharing in Growth, an organisation that brings together large and small companies with the intention of developing their joint capacities which ultimately giving British companies an additional advantage when it comes to competing overseas.
What about the future for Hertfordshire businesses?
The majority of the accounts which the Hertfordshire Limited study were based on relate to the period before the Brexit vote. How well or badly the UK economy as a whole will do after Brexit depends on which report you read. But there are other concerns which may affect businesses in 2017. The Head of Economics at the British Chamber of Commerce is concerned about inflation, commenting after the autumn budget: “The rise in inflation in November was not surprising, but is still slightly higher than expected. Our growth forecast earlier this week suggested that rising prices are expected to weaken investment intentions, by squeezing firm’s margins and dampening consumer spending by eroding real incomes. Businesses see rising inflation as one of their biggest concerns for the coming months and years, and with 2017 expected to be an uncertain period for the UK economy, it is vital that more is done to support business growth.”
Unusual business ideas may do well in 2017
If you’re thinking of setting up your own business this year, you may do well to look to non-traditional ideas. Yell has looked at the most popular search terms in conjunction with the latest trends and has predicted the best businesses to be in in 2017. These include jive dance lessons, craft beers and gins, as well as vegan foods.