Recently there was an analysis performed on 150,000 businesses in the UK to see how various locations stacked up in terms of business growth.
Business growth rates for small businesses across the whole of the UK are looking positive according to the study done by Experian.
It demonstrated that 32% of businesses had achieved a strong sales growth rate by the end of 2011, up from just 25% of all businesses during the years of 2008 to 2010.
In addition to that, 36% of businesses had achieved a solid revenue growth of over 10%, showing favourable promise for the years ahead.
So where is the best place to be?
The cities that have received the greatest level of sales improvement in order include:
If you want to dig deeper, you can also assess the ones that have seen the highest level of retained sales and/or business growth, and these include:
- London SE
- London EC
- London WC
- London SW
- London W
- London NW
From this we can see that the vast majority of the most improved areas are in the Midlands or the North, so is this the place to be as a small business?
One interesting point to know is that it was demonstrated that the towns and cities that were showing the greatest improvements in terms of sales growth were also the ones that people thought were struggling the most, so sometimes what meets the eye isn’t always the full truth.
Businesses in these areas now need to focus their efforts on sustaining that growth so that they can have a strong standing in the years to come.