A survey for Bank of Ireland UK released today (Tuesday 12th November 2013) ahead of Enterprise Week shows a positive business climate in Northern Ireland, with three quarters of companies either growing or having stabilised following the downturn.
Seven out of ten businesses were optimistic about prospects for 2014. Half of respondents had already recruited new staff this year and 58% were planning to hire new people next year in anticipation of growth.
Some 20% were growing and looking for new markets, 58% said the business was stable while 17% said they were surviving but looking to drive out further costs. Only 5% of respondents in the survey said their turnover was contracting.
The survey was conducted on behalf of the Bank in advance of its Northern Ireland Enterprise Week on 15 - 22 November which will provide a series of events and showcasing opportunities to help local businesses build the momentum for growth.
Ian Sheppard, Head of Business & Corporate Banking Northern Ireland, Bank of Ireland UK, said: "The optimism of companies is very encouraging and demonstrates the strength of the enterprise culture in Northern Ireland."
"The survey shows companies expect growth to come from introducing new products and services, developing a skilled workforce and from general economic improvement. But they are realistic about the challenges they face, with more than a third citing concerns over rising costs, cash flow and the availability of funding.
"Supporting business growth is the key priority for Bank of Ireland UK. The availability of funding remains a perception barrier and Enterprise Week will allow us to demonstrate that we have funds to lend and that we have a range of initiatives to help sustain business momentum.
"Since the beginning of this year we have provided more than £134m in funding to SMEs and we've approved 93% of all lending applications.

"In our business banking we are seeing an increase in the growth ambitions of our customers who are investing to expand premises, enter new markets, acquire new technology or recruit additional people."
Asked in the survey how the banks could improve business momentum in Northern Ireland, 65% of the business owners said start-up packages were best, while half cited support for marketing.
Ian Sheppard added: "This finding corresponds with the demand we are seeing for our Essentials for Business package of lending and support for new and existing small businesses. We opened 4,300 new accounts in the year to January 2013 and about 60% of those were for completely new ventures.
"During Enterprise Week we will help local companies and agri-businesses to market themselves by giving them the opportunity to showcase their products and services in branches as well as running a series of clinics and seminars with business experts."
"We'll focus on funding for growth, looking in particular at working capital funding. Tools such as invoice discounting and foreign exchange management provide opportunities for businesses to release funds and maximise their use. Businesses are able to use the expertise of our local Commercial Finance and Global Markets teams to help them."
According to the survey, three quarters of Northern Ireland companies were using new technologies such as mobile apps, social media and the internet to market their businesses. Of those who embraced social media, 88% used Facebook, 69% used Twitter, 31% used LinkedIn, 25% used YouTube and 6% used Instagram.
The survey was conducted for Bank of Ireland UK by iReach Market Research through its Online Business Panel of 50 owners of Northern Ireland businesses ranging from small to large. It was carried out during the latter part of October. iReach also surveyed business owners in the Republic of Ireland which showed that 54% of Irish businesses were growing or had stabilised while 14% were contracting. Two thirds of business leaders in Ireland said they were optimistic about prospects for 2014.
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