Business Growth Expectations
Economic Growth and Investments
At a time period when the banking sector changes rapidly, the survey continues to show obvious signs of optimism for the economic conditions of companies, as opposed to the recent past. However, this optimism is lower than the one observed in June 2017.
The demand for the Products/Services of the companies is expected to increase within the following year, although not as much as the corresponding period last year. There is no expected particular impact on the prices of the companies’ products/services.
Regarding investments, companies appear to be more open towards investments than they were in June 2017, with intention to invest larger amounts than last year. However, similarly with the previous years, the majority of the companies are still conservative towards investments.
Investing on their company’s image, technology, employees’ training and equipment are mentioned as the most propitious types of investments for the next 12 months.
Auditing Services are clearly reported as the most commonly used professional services, however they are slightly reduced compared to the previous period. Companies mostly purchase this service on a continuous basis, in contrast with the Technology and Legal services that follow, which are mainly purchased when needed. Out of those who don’t use these services, there is no reported evidence of interest to purchase the services in the future.
Advertising / Promotion Channels & Social Media
Compared to last year’s results, there is an increase in those who mention that they advertise/promote their company, driven by a significant increase in the use of online advertising media. The internet (general reference) and social media are still mentioned as the two major advertising and promotional channels of a company, with the internet being the medium that is used by 1 out of 2 companies. Advertising flyers and printed means follow with much lower usage and traditional promotion/advertising media such as television and radio, rank at even lower positions.