Entrepreneurial spirit is returning to the UK, with many businesses more determined than ever to achieve growth against the odds.
Under the current economic difficulties, many businesses are now shifting their focus and exploring new areas of commerce in a bid to secure new deals and break into new markets.
The new figures from PwC are especially positive as traditionally smaller companies make more measured, long term decisions as they traditionally only have one source of wealth.
Jonathan Greenaway, partner and private business specialist at PwC in the North East has witnessed the change in many businesses in the region..
He commented: “We are witnessing an increasing number of brave entrepreneurial frontrunners, who are taking a more aggressive approach towards increasing their market share, including seizing opportunities created by weaker competitors.
“It’s a challenging time for the region’s private businesses, but opportunities do exist for those who are prepared to evolve and take risks.”
Despite this, improving efficiency and making cost reductions was still a high priority for many private businesses.
Jonathan added: “As well as re-examining their business to ensure they are operating as efficiently and effectively as possible, many private businesses are pushing new boundaries by exploring ventures they have not previously considered.
“This includes pursuing overseas market opportunities, joint ventures with other businesses in their field or public sector providers in the wake of the contraction of services provided in this sector,” he