gatwick diamond initiative - business barometer survey ...ukti business linkbritish embassy or high...
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Background: This Business Barometer research study is commissioned by The Gatwick Diamond Initiative (GDI) to help monitor local economic conditions on a quarterly basis. Conducted by Prowse & Company Ltd, this online survey is designed to source primary data from local businesses to measure how the Gatwick Diamond is performing as a location for business. The survey provides quantitative and qualitative evidence of business trends to aid the three Gatwick Diamond Task Groups in their activities. Importantly, the survey offers a snapshot of business confidence in the Gatwick Diamond area. In addition to general business questions each survey also considers a particular theme. This quarter focuses on International Trade. A total of 64 responses were received during the months of July, August and September 2012.
Gatwick Diamond Initiative - Business Barometer Survey Findings – Summer 2012
Respondents Profile
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
Which industry sector are you in? Advanced Manufacturing
Biotechnology/Life Sciences
Business/Professional Services
Creative Industries
Energy/Green Technologies
Financial Services
ICT
Membership/Trade Body
Public Sector
Retail
Travel/Leisure/Tourism/Hospitality
Respondents Profile
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
What is your company's estimated turnover per annum
£250k or less
£251k - £500k
£501k - £1 million
£1.1 to £5 million
£5.1 to £10 million
£10.1 to £50 million
£51 million +
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
How many people does your company employ?
1
2-10
11-20
21-50
51-100
101-250
250+
General Business Confidence
Is your business turnover likely to expand, contract or remain the same in the next six months?
Expand
Contract
Remain the Same
Do you anticipate the need to further consolidate and reduce business costs within the next six months?
Yes
No
Unsure
Are your staffing levels likely to expand, contract or remain the same in the next six months?
Expand
Contract
Remain the Same
International Trade
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Yes No Unsure
Do you trade overseas?
Yes
No
Unsure
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Import goods Import services Export goods Export services
Does your organisation
International Trade
0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0%
In response to enquiries from abroad
To increase sales / client base
To diversify from the UK market
To import cheaper materials and supplies
from overseas
Because your business is internet based and has
no geographical boundaries
What are your reasons for trading overseas?
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
Direct via UK base Overseas office Subsidiary company Agent Distributor Informal Associate Partner
In what form do you trade overseas?
International Trade
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
Where do you trade overseas?
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
In the next twelve months, does your organisation envisage its international trade will
Grow
Decline
Remain the same
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Yes No Would like to be
Are you involved in any collaborations or networks to help your business innovate, conduct R&D or trade
internationally?
International Trade
Help with identifying potential markets
& customers
Financial support for business
development missions
Advice/training in relevant languages/
culture
Business advice from
an expert
Advice on overseas
marketing
Opportunity to network with other businesses
trading overseas
Advice on Letters of Credit &
Export Regulation
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
What support would you welcome in relation to overseas trade?
UKTI British Embassy or High Commission
Business Link Chamber of Commerce
Trade Association Independent Consultant
None of the above
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
Have you received assistance from any of the following organisations to help you trade overseas?
International Trade
Cultural & language barriers
Finding access /contacts in
local markets
Exchange rate & currency fluctuations
Understanding how to
price goods & services
Funding of travel
& business development
visits
Access to market
information
Finding a local agent or
distributor
Lack of internal
resources
Logistics & distance
Regulation
0.0% 5.0%
10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0%
What do you perceive as the primary barriers for international trade?
Our service/product is not transferable
Our focus is on the UK market only
We lack the skills & resources
Logistics difficulties outweigh the benefits
Currency issues
Wouldn't know where to start
Too much financial investment is required
0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0%
Why don't you trade overseas?
International Trade
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
The economies of China, India, Russia and Brazil represent key growth markets. Have you, or do you
plan to, investigate new opportunities in these countries?
Yes
Possibly in the future
No
Unsure
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
Yes No
Were you aware that you can now fly directly from Gatwick to: China Hong Kong South Korea Trinidad Turkey
Vietnam
Yes No
Access to Finance
Have you, in the past three months, sought external finance to sustain and/or grow your business?
Yes No
How do you rate the availability of financing options?
Excellent
Good
Poor
What is the most pressing business concern for you currently?
Verbatim Comments: •Airline Passenger Duty •Developing the business locally. Nationally it is doing very well. •Lack of footfall and available spend •Exchange rates •Euro crisis •Oil price fluctuations and the effect on raw material prices •Finding customers •Recruiting good quality staff •Managing our expansion •Lack of orders due to lack of funds •The general gloom - we are talking ourselves deeper into recession through negativity. •Our potential clients have the funds but are unwilling to commit due to economic uncertainty •Ageing workforce •Coping with demand from my clients •Macro-economic environment and impact on demand •Confidence in the economy •Winning new business •Cash Flow •Assessing impact of welfare reforms on business •From a retail perspective trying to trade honestly whilst the major retailers have got a large proportion of the public convinced that they can buy at half or less price, all of the time. Every body should know that this is only possible by over inflating the so called original or recommended price.
•Funding growth and expansion •To increase distributors across the world •Cashflow again and pressure on margins •Sales •Increasing demand and building long term client relationships •Retaining clients and finding new clients •Finding new business - Training is always one of the first things to suffer in a slow market •Global economic downturn •Parking for customers and staff •The future •Efficiency •Assisting growth companies raising capital and general lack of trading liquidity •Losing local business to national companies. •Lack of time •Cashflow •Start up of a new venture •Financing Growth •How to grow faster than we currently are, and hiring good staff locally •Very tight margins economy shrinking •Lack of demand for property •Gaining customers •Cashflow •Cash flow; I am working on several long term projects but clients do not pay in advance for services •Increasing sales and turnover
Conclusion
Verbatim Comments: •Helping us to find someone to develop a semi demolished commercial site as a new one. •Easy in and out or work/life living as in Shoreham Ropetackle! •Fine to tick any of these but how would you resource it? If you become another conduit for government funding - my concept of the funnel would occur. That is that those organisations who funnel funds inevitably use some of the valuable funds therefore less goes to the people who need the funds. General UK malaise - we are littered with has been organisations SEEDA, Business Link contractors, TECs and so on. •Economic growth. •Master classes in business essentials like management, finance, marketing, selling, people issues and the like.
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Finally, please advise if there is anything that you would like the Gatwick Diamond Initiative to focus upon in the year ahead: