Over the last year we’ve been working with Cairngorms Business Partnership to undertake their Cairngorms Business Barometer, a quarterly survey of businesses operating in the Cairngorms National Park tracking a range of areas including numbers of customers, levels of turnover and expectations for the future. In late 2021 we were delighted to be commissioned by Visit Moray Speyside to work with them to launch a similar survey - the Moray Speyside Business Barometer - in their area with the first wave of this new survey completed last month.
Both surveys involve the quarterly completion of a short online questionnaire amongst a sample of businesses, providing details on levels of business during the last 3 months, expectations for the future, general levels of business confidence and the impact of a range of ‘barriers’ on levels of business. The survey approach also allows for the inclusion of a set of ‘hot topic’ questions on a subject of particular interest at that point.
Reflecting the nature of the economy in both areas, while participating businesses are largely involved in the tourism industry, the types of businesses participating is wide ranging, including accommodation providers, retailers, hospitality businesses and food and drink manufacturers. In return for participating, businesses receive rapid access to the survey reports and a personalised summary of the results comparing their own performance and outlook with the averages for businesses across their area.
We published the 2022 Quarter 1 results from both of the Barometers this week, reporting on how businesses in each area had performed during the first three months of the year and their expectations for the rest of 2022 and beyond.
In both surveys the results provided a fairly mixed picture. With the relaxation of Covid restrictions and international tourism markets starting to return, business levels have certainly improved for most in comparison to the same time last year. And in both surveys most businesses indicated that they expect increased levels of business this year and levels of confidence for the short (3 months), medium (12 months) and longer term (24 months) are all slightly above the averages normally seen for this time of year, even pre-pandemic.
However this post pandemic optimism is tempered by growing operational concerns over rising supplier and energy costs, with many businesses already experiencing significantly increased costs and nearly all anticipating hikes during the next 12 months. Staffing concerns are also continuing to present a significant challenge for some businesses as a combination of factors mean that many struggle to fill vacant positions.
Click on the links below if you’d like to find out more about the Cairngorms Business Barometer or Moray Speyside Barometer (or to find out how to take part if you are a business based in either area!) or get in touch with us if you’d like to hear more about the surveys or opportunities to establish up a Business Barometer in your region.