More than nine in 10 (91%) private business owners in Yorkshire and the Humber are confident of delivering growth in 2025, according to KPMG UK’s first ever Private Enterprise Barometer.
The new poll gauged optimism among 1,500 private business owners, including 128 in Yorkshire and the Humber, across a range of sectors including professional services, finance, technology, industrial manufacturing and retail.
Increased demand for products and services was identified as the main reason for this confident outlook – cited by nearly half (48%) of respondents – while a similar number (46%) highlighted plans to introduce new technologies into their business as reason for optimism.
Indeed, Yorkshire-based businesses are amongst the most likely to recognise the benefits of introducing new technologies, with almost three quarters (71%) highlighting it as an important area for investment, compared to just 63% of privately held businesses nationwide.
Cited amongst the key reasons for such investment were a clear desire to improve customer service (52%) and decision-making (52%). Indeed, firms in the region are 10 percentage points more likely than the national average to be investing in customer relationship management (CRM) tech.
However, securing and developing the necessary skills for businesses to capitalise on growth and digitalisation opportunities continues to represent a challenge. More than a third (37%) of firms in Yorkshire and the Humber were said to be finding it difficult to recruit people with the right skills.
Firms in the region were also found to be more likely than the national average to be struggling with retaining newly recruited staff (32% vs the national average of 25%).
Phil Murden, Leeds Office Senior Partner at KPMG UK, said: “Having weathered many storms in recent years, it’s down to the true resilience of Yorkshire and Humberside’s private business community that confidence is so high.
“Regional business leaders’ clear focus on customer proposition, improving products and services, and better understanding business performance, will continue to help them to deliver growth. Also identifying where new technologies can support key strategic goals is the smart way to future-proof and stay ahead of competitors.
“Guiding the region’s business community through unprecedented digital opportunity and disruption will require businesses to get their hands on the right skills. Taking the plunge and investing in talent is key.”
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