North West businesses face the risk of missing out on £7.2bn in economic growth potential. This insight stems from a comprehensive study that highlights strategic investment fears.
Firms in the region are urged to rethink their approach towards technological integration and other growth barriers. Understanding these challenges could unlock unprecedented growth opportunities.
Many North West companies identify technology simultaneously as an accelerator and a barrier to growth. This complexity indicates an urgent need for businesses to enhance their tech strategies. With 70% placing technology high on their strategic list, there’s a stark contrast to the UK’s 61%.
In overcoming technological barriers, only 55% of the leadership are confident in their ability to leverage tech for business advancement. This statistic reflects a significant skills gap in technological know-how.
A nation-wide survey revealed a potential £72.5bn economic output, with the North West poised to claim £7.2bn. This figure highlights untapped regional opportunities and economic contributions.
The region’s firms are ambitious, aiming to transform with investments in tech and potential international trade. Such aspirations are crucial for regional growth beyond traditional markets.
For many, investing in new technology is a pressing priority. Carl Williams of Grant Thornton underscores the need for bold strategies to capture growth.
Aside from technology, businesses face challenges in brand, marketing, and operational models. Recognising these barriers can pave the way for targeted strategies.
External elements such as Brexit and regulation also present challenges but rank lower in perceived impact, suggesting internal business strategies demand more urgent attention.
Leadership capability in tech adaptation remains a significant hurdle. This aligns with the need for training and development initiatives within firms.
External investments play a pivotal role in regional business success. However, companies must become adept at attracting and managing such investments to realise potential growth.
Forming partnerships is essential for comprehensive growth. Businesses in the North West are encouraged to seek mutually beneficial collaborations.
Expanding networks can lead to increased market access and sharing of best practices.
By fostering partnerships, firms can drive innovation and tap into new markets aligning with global trends.
The North West is on the cusp of realising significant economic potential through strategic investments and overcoming existing barriers.
By addressing leadership gaps and embracing collaboration, businesses can unlock vast economic opportunities.
A focused approach on tech and investment in people and strategies can drive the North West towards becoming a powerhouse in the UK economy.
Engaging in forward-thinking practices will equip businesses to maximise their economic contributions, benefitting the broader community.
