How has your business fared in terms of sales when compared to last year? If you experienced growth, then you’re not alone. An extensive study published by Experian has shown that there has been a significant improvement in the number of companies exhibiting year on year growth in terms of sales. Though there’s still a long way to go for this to translate to strong, positive growth for the economy as a whole, it does show that things are beginning to move in the right direction.
Experian’s BusinessIQ analysis shows that before the recession hit in 2008, around a third of businesses in the UK achieved sales growth of more than 10% year-on-year. Between 2008-2010, this figure fell to a quarter as businesses and consumers alike were hit by the effects of the recession. The latest analysis has shown that by the end of 2011, 32% of businesses were back to achieving strong growth in sales rates. Though the economy as a whole is not back to pre-2008 levels, this is a positive sign.
The Experian study, which uses the most up to date accounts available of 150,000 UK businesses that reported turnover figures also shows which geographical areas are reporting the strongest sales growth. Surprisingly, Hull was the top of the table in terms of improvements to sales figures; between 2009-2011, 36% of Hull businesses achieved sales growth of more than 10%, when compared to 21% managing this between 2008-10. The Midlands and the North were in general strong improvers, with nine out of the top ten towns hailing from these areas – only Newport in South Wales managed to sneak in with them.
This is interesting information, as it’s often believed that the North always comes off worse economically than the South – however, in terms of improvements, that’s not always the case.