News Stories

Lancashire business leaders call for an increase in confidence to drive the market forward
9/11/2011

Lancashire business leaders, entrepreneurs and professionals gathered in Preston to discuss their recent business experiences and thoughts on future growth, and acknowledged that collectively we have to increase optimism and confidence to drive the business market forward.

Law firm Brabners Chaffe Street hosted the event to explore the impact the current economic situation is having on small businesses and entrepreneurs and whether recovery will come from small business alone or if outside help in the form of Government assistance will be a necessary tool.

The discussion produced a number of common themes with regards to the difficulty of accessing finance, uncertainty in the marketplace and how the perception of the media affects business confidence and is stalling growth.

Other issues emerged from the discussion including the worsening administration burden with the introduction of a raft of new employment law legislation and ongoing complicated tax issues.

Concerns were raised that businesses are unaware of the funding options available to them meaning opportunities to develop and grow are being missed. It is evident that a more joined up approach is required from professional advisors to make small businesses and entrepreneurs aware of the financial support available to them.

Attendees spoke of what they would like to see being offered as a genuine help to promote business, including a reduction in red tape and regulations so businesses with good prospects can grow, one central Government department giving coordinated business advice, tax simplification and tax incentives on equity investments, incentivised investment in and more support for business start ups and press led confidence to encourage business growth.

Gill Gardner, Corporate Partner with Brabners Chaffe Street, said: “The business world has changed dramatically over the past three years and we are now in a new reality where business people need not just entrepreneurial spirit but essential skills in the day to day running of a business if they are to survive. There are businesses which have not only survived but thrived throughout this period. They have taken sound financial and legal advice, remained competitive, minimised inefficiency, and closely monitored cash flow. In addition, they have maintained an optimistic outlook and confidence in their ability to take the business forward.

“Some of the issues raised at the event emphasise the very real challenges that businesses are facing in the near future and years ahead. The discussion demonstrated how, by working together, we can tackle those challenges head-on, and find new ways to make the most of the opportunities on offer.”

Damian Walmsley of Moore and Smalley added: "The business environment is still uncertain, confidence is undoubtedly a major factor. I believe that business owners working closely with their team of advisors can confidently take advantage of the opportunities that are still out there."

Damian Walmsley and James Treadwell of Moore and Smalley co-hosted the round table and attendees were Steve Broomhead of Lancashire's Local Enterprise Partnership (LEP), Hugh Evans from North & Western Lancashire Chamber of Commerce, Ed Spencer from Yorkshire Bank, Oliver Burton from The Royal Bank of Scotland, Phillip Hargreaves from Inteb Sustainability Limited, Jonathan Barker of Mitchell's of Lancashire, Norman Tenray of OBAS Limited and Mark Delaney from Leonard Curtis.

Plans are already underway for Brabners Chaffe Street's next business leaders' round table event which will focus on access to finance and the role of The North West Fund, a £185m evergreen investment fund established to provide debt and equity funding to small and medium sized businesses in the North West.


For further information contact Deborah Ascott-Jones at Brabners Chaffe Street on 0151 600 3000

Back to the news headlines