Resilience and future planning are key to West Midlands businesses’ future growth

"Walking through Wolverhampton City Centre recently, it was encouraging to see people shopping and socialising. And this positivity is reflected in Lloyds Bank’s most recent Business Barometer report, which reveals that businesses in the West Midlands soared in April to be one of the most confident in the UK.

"But confidence doesn’t come from resilience alone. It’s also about making a proactive effort to pivot and innovate. Nearly half of all firms in our region are optimistic about their trading prospects, demonstrating excitement about the future as new growth opportunities emerge. When I speak to local business-owners and leaders, it’s evident that continuous investment in our region is spurring this boost in confidence and creating a more positive environment for firms to develop and grow.

"With the new Investment Zone set to be introduced in the West Midlands, incorporating the Wolverhampton Green Innovation Corridor, now is the time for businesses to ensure they have the best teams in place. We have a wealth of talent on our doorstep and by getting the right skilled employees now will help firms foster the anticipated future growth of the region. The Business Barometer shows that almost half (49 per cent) of businesses in the region expect to hire more people over the next year and invest in training, a hugely encouraging figure that clearly shows firms are thinking more long-term in their strategies. Beyond team development, firms are also exploring avenues such as enhancing what they can offer in terms of products or services, and the most efficient ways to integrate new technology.

"This ability to adapt and adjust like this has never been more important. But small and medium sized businesses are in luck. Due to their size, they’re often closer to their customers and can take on board feedback before making changes quickly. With ongoing geopolitical challenges and external pressures impacting firms, the ability to evolve their offering and explore new ways of working is essential and will help our region’s firms continue to thrive.

"Another change we’re seeing is the increase in firms adopting more sustainable operations. At the heart of the West Midlands’ business landscape is a focus on how they can lessen the impact on the environment. Sustainability today is more than just a buzzword to attract customers but instead is a cornerstone of efficiency and a catalyst for creating new opportunities.

"One business that Lloyds Bank has supported in this transition to greener ways of working is Wolverhampton-based Parker Precision. The business has installed 162 solar panels using funding from our Clean Growth Financing Initiative, which provides businesses with access to discounting lending for green purposes and has significantly increased its energy self-sufficiency and reduced its emissions.

"Ultimately, West Midlands businesses have a wealth of opportunity ahead of them. From developing new sustainable strategies to evolving what they offer as consumer demands changes, we’re proud to be by the side of local firms as they look to maximise the growth opportunities ahead. We know there will be future headwinds, but if firms continue to look ahead and put plans in place now to futureproof themselves, they will be in a strong position to capitalise on new opportunities."