West Midlands Firms Pick Productivity, Growth and Investment As Top New Year's Resolutions

02 Jan 2024

Published in: Member News

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New data from Lloyds Bank reveals West Midlands firms have made New Year’s resolutions to improve productivity.

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Lloyds Bank survey shows:

• A quarter (27%) of West Midlands firms make New Year’s resolution to improve productivity as part of long-term plans
• Almost a third (28%) of region’s firms plan to invest in growing and developing their business in the year ahead
• Almost half (48%) of firms also expect to hire more staff while investing more in employee training
• Almost three fifths (57%) of businesses expect turnover to increase in 2024

New research from Lloyds Bank has found that a quarter (27%) of West Midlands businesses are making New Year’s resolutions to improve their productivity, as businesses signal confidence in more positive macroeconomic conditions ahead.

This optimism about the future comes after 2023 being a tough year for businesses, as they faced into high inflation and a sluggish economy.

The data revealed the top three areas where firms are focusing their attention as they head into the new year, with a third (34%) focusing on staff training, another third exploring new technology (29%), and a similar proportion concentrating on developing their business (28%).

As businesses take stock of 2023, many are reporting they are looking at ways to ensure they have a healthy cashflow, with two fifths (41%) of firms reporting plans to keep a closer eye on costs over the next 12 months.

The data also shows that businesses are setting themselves up for growth, by building teams to support new opportunities, with almost half (48%) expecting to hire more staff in the New Year.

With the expectation of inflation continuing to fall, more than two thirds (67%) of firms are confident that they will see their business become more profitable in 2024 compared to 2023.

Almost three fifth (57%) expect their turnover to increase in 2024. Of those expecting an increase in turnover, a quarter (24%) anticipate growth of 5%-10% and almost one in ten (8%) have eyes on growth of 11%-20%.

Dave Atkinson, regional director for the West Midlands at Lloyds Bank Commercial Banking, said:

“After what has been a challenging year for many, it’s promising to see businesses across the West Midlands anticipating a more successful start to 2024. Through long-term planning, firms are looking to invest in their people and technology capabilities to help grow next year.

“While obstacles will of course remain, with the right support I’m confident the region’s businesses can navigate the year ahead and maximise new growth opportunities. We’ll continue working to provide the guidance and support firms need throughout what I’m hopeful will be a prosperous year for the West Midlands.”