Majority of UK tech and professional services firms fell short of Q1 sales goals
London, United Kingdom – Economic conditions are proving to be a challenge for technology and professional services leaders as they struggle to meet sales goals, according to a recent study by growth research firm, Tollejo.
The survey, titled Growth Blockers UK Q1, gathered insights from 103 CXOs and entrepreneurs in the technology and professional services industries that serve large enterprise firms. The results revealed that 72 percent of respondents did not meet their sales targets at the end of Q1, with the majority citing slow buying decisions from customers as the main barrier to their growth.
Dan Ilett, CEO and founder of Tollejo, commented on the findings, saying, “Revenue leaders are facing immense pressure as larger firms have put the brakes on numerous projects. It is clear that companies had a tough quarter, and the one before that didn’t look much better for most. However, there are still some companies that managed to hit their targets, which shows that if you’re doing well right now, you’re doing really well.”
The survey also revealed that 28% of firms were still able to meet their sales targets, while 48% of CXOs reported that Q1 was more challenging than the previous quarter. However, 19% of firms found Q1 to be easier, indicating a mixed response to the current economic climate.
CXOs cited slow buyer decisions (46%), economic conditions (26%), and lack of access to funds (14%) as the top barriers to achieving top-line growth. To overcome these challenges and drive better growth, 38% of CXOs said they would like to see “better economic conditions”, followed by “a better understanding of what customers want” (22%), and “better sales and marketing performance” (18%).
The research was conducted with The Executive Summary, Tollejo’s weekly newsletter for global technology CXOs and high-growth entrepreneurs. The report can be downloaded here.
Media Contact:
Acacia Henry: acacia@tollejo.com
About Tollejo:
Tollejo is a B2B growth research company that provides businesses with the insights they need to achieve their full potential. Combining advanced analytics, industry expertise, and buyer behavior, Tollejo helps companies develop strategies that drive significant growth and brand development. Founded by a team of marketing, data analysis, and business strategy experts, Tollejo is a valuable partner for companies looking to lead their markets. Services offered range from market research to brand positioning and growth strategy formulation.
For more information about Tollejo and how they can help your business grow, visit their website at www.tollejo.com
About The Executive Summary:
The Executive Summary is a newsletter for global CXOs and entrepreneurs in the technology and high-growth industries. It is partnered with growth research company Tollejo and covers cutting-edge innovation, imminent challenges, and essential insights across the business and tech agenda. The newsletter is written by a team of business and tech experts, former journalists, and business leaders with a mission to challenge leaders and build a community that embraces new insights and connections.
www.theexecutivesummary.com
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