London Firms Resolve to Boost Productivity, Training, and Technology for 2024

London Firms Ready to Kick Off 2024 with New Resolutions

According to fresh data from Lloyds Bank, one-third (33%) of businesses in London are already planning their own “New Year’s Resolutions” – a move that signals a growing confidence that the economic curve might finally be curving upwards.

Why the Optimism? A Rough 2023 Was The Baseline

Inflation & Economy: 2023 was a hard ride—high inflation and a sluggish economy put a strain on many.
Learning from the Past: Firms are taking inventory of last year’s challenges and using them as a springboard.

What Companies Are Focusing On

Training Staff (38%): Nearly two-fifths of London firms are boosting employee training, hoping to turn skill gaps into golden opportunities.
Business Development (34%): A third are tightening the screws on strategy and growth plans.
Tech Investment (31%): Another third are earmarking budgets for the latest gadgets and automation tools.

Cashflow Isn’t Just a Number – It’s a Plan

As 2023 comes to a close, the focus is sharper on the bottom line. 28% of businesses want to keep a tighter leash on costs over the next year, especially as they expect inflation to ease.

Hiring Up!

Seeing growth on the horizon, 41% are planning to bring in fresh talent to support upcoming opportunities. It’s the classic “grow the team so we can grow the business” mantra.

Profitability & Turnover: The Numbers Say It All

Profit Confidence (71%): Almost three-quarters feel their profit margins will improve in 2024.
Turnover Growth (60%): Most expect sales to climb.
Growth Bands:
- 25% anticipate a 5–10% rise.
- 14% are eyeing a 11–20% jump.

A Word From Paul Evans

“London’s firms did great in 2023, and it’s heartening to see them aiming higher in 2024,” says Paul Evans, Lloyds Bank’s London Regional Director. “With inflation pulling back and interest rates stabilising, the environment for investment and expansion looks more inviting than ever.”

He adds, “Businesses that manage cash flow carefully will be ready for fresh opportunities and any unexpected bumps along the road.”

Staff Training & Tech: The Key to London’s Productivity Surge

Everyone’s watching—it’s clear that boosting productivity isn’t just about crunching numbers. It’s about investing in people and harnessing cutting‑edge technology.

Why These Areas Matter

Staff training equips teams with fresh skills that translate to better output.
New technology automates repetitive tasks, freeing minds for creative problem‑solving.