At Pratap Executive, we’re committed to delivering valuable insights to Yorkshire’s business leaders. In this Q&A, Natalie Wright, Office Managing Partner & Head of UK Family Business at Forvis Mazars in the UK, shares her expert perspective on the region’s economic landscape, growth opportunities, and key challenges ahead.

From financial planning and innovation to global influences on local businesses, Natalie offers practical advice for leaders navigating change. Read on for her strategic outlook on Yorkshire’s dynamic business environment.

What are your predictions for the Yorkshire business community over the next 12 months?

For business leaders in Yorkshire, we can expect a year of cautious optimism. Despite economic uncertainties and the rising cost of employment which has been compounded by the recent Budget announcements, those businesses that demonstrate resilience and innovation are likely to thrive and will continue to seize opportunities, which is what we are used to seeing in the Yorkshire business community.

Key sectors such as technology and manufacturing should see continued growth, largely driven by advancements in AI and automation. We are also seeing a strong emphasis on sustainability and green technologies and I think this will play a vital role in shaping the region's economic landscape moving forward.

We are however conscious that 2025 will bring challenges. The increase in employer National Insurance contributions from 13.8% to 15% will raise employment-related expenses, potentially impacting profitability and the ability to invest for the future, but also forcing some businesses to make some difficult decisions. The ongoing issue of bad debt could lead to cash flow problems, so businesses need to proactively assess their financial health, ensure they have reviewed their operational efficiencies, implement robust credit control processes, and stay on top of debt management.

The reduction in interest rates is likely to be slower than originally anticipated, but this should lead to increased confidence and a commitment to invest in strategic growth plans, which will undoubtedly help regional sectors to gain momentum, particularly manufacturing.

Those business leaders who focus on proactive financial management and forecasting, as well as innovation will be well positioned to navigate the year head.  

Where do you see the biggest potential growth and also the biggest opportunities within the Yorkshire region?

The technology sector, particularly in Leeds, stands out as a significant growth area. We have seen a number of high profile transactions taking place in the sector over the last year, investment is being attracted to the region through private equity investment, and we are seeing a host of Digital Transformation businesses winning big contracts, which are ultimately creating further employment opportunities.  

The healthcare and life sciences sectors also present substantial opportunities, especially with the region's strong academic institutions and research facilities. This is again attracting significant interest and investment from Private Equity funds.

The wider push towards renewable energy and green technologies is also providing greater growth prospects for those businesses who are willing to invest in sustainable practices. This has clearly been outlined as a focus area for the government, so we expect the region to be able to benefit from this moving forward.

What do you believe makes the Yorkshire business community special and unique?

Our community is distinguished by its strong sense of collaboration and community spirit. Yorkshire boasts a diverse mix of industries, from traditional manufacturing to cutting-edge tech firms, all contributing to a robust and dynamic economy. The presence of top universities and research institutions fosters a culture of innovation and continuous improvement and this has really been highlighted with the growth experienced in the Technology sector. We are proud to have a number of long-standing family owned businesses who consistently demonstrate their resilience and innovation, whilst maintaining their standing as established household names.  Some of the best professional services firms in the country now have a strong presence in the region and last year we saw significant investment in new premises and jobs across the Legal and Accountancy professions, which further demonstrate the commitment to the region. The collaboration across professional services, particularly for privately owned businesses, is something that I feel is truly unique in Yorkshire.

What trends are you currently seeing in the financial landscape for businesses and how are you helping your clients prepare for potential challenges or opportunities?

Over the last 5 years, the financial landscape has become characterised by volatility and rapid change and over the last 2 years this has been further magnified with fluctuating interest rates and persistent inflation. We help our clients navigate these challenges by providing tailored advice, leveraging technology for better financial management, and emphasising the importance of aligning business strategies with personal planning. A few of the core focus areas include:

• Financial Planning and Analysis: we help businesses manage cash flow, forecast future financial performance, and develop strategies to improve profitability. This includes advising on cost control, budgeting, operational efficiencies, and financial risk management, which is becoming an ever increasing risk.
• Tax Planning and Compliance: with changes in taxation and increased regulatory requirements, we can ensure businesses remain compliant whilst optimising their tax positions. This includes identifying tax relief opportunities and managing tax liabilities, and where appropriate considering potential restructures.
• Business Advisory Services: we provide strategic advice on business growth, mergers and acquisitions, and succession planning. This helps businesses (and their owners) navigate complex decisions and capitalise on any market opportunities, whilst ensuring they keep their own personal objectives front and centre.
• Technology Integration: Implementing and optimising accounting software and other financial technologies can streamline operations and improve efficiency but selecting the right software is important, not just for where the business is now, but for where you want it to be in the future. With AI and automation becoming a key part of the growth strategy for businesses, investing the time to get this right is paramount.

Owner-managed businesses often need tailored advice. What are the most common areas where you see business owners needing guidance?

Quite often business owners are so focused on the plan for the business, that they can lose sight of their own personal planning.

It’s completely understandable; they invest so much time and energy into the business, which is often their passion and ultimately it’s what will underpin their long term financial security. But aligning personal financial planning with business goals is crucial for business owners to ensure both a smooth succession of ownership and also to secure their own financial future.

Succession Planning is one area which is completely bespoke to each business and its owners and it is the area where we provide most guidance. It involves identifying and then preparing the future leaders of the business, and for some this will be a natural next step for the business as they will have key individuals from within their family or their existing team. But for many, there will be no obvious route to succession, so an exit strategy may need to be explored. The process needs to balance up personal and business needs and there are often a number of solutions to consider; so we help our clients understand the art of what is possible.

Ultimately, by aligning personal and business financial planning it allows business owners to focus on running their business without constant worry about the future. This alignment is not just beneficial, but essential for preserving hard work and legacy, ensuring a well-deserved retirement, when the time comes.

In June 2024, Mazars announced the formation of a new professional services global network with the US firm Forvis; how do you balance the global perspective with the specific needs and nuances of your clients in the Yorkshire market?

I would like to say that we are global to see the big picture and local to understand it. Our unique network means we have a global perspective which can ultimately support local needs.

We leverage our global network to bring best practices and innovative solutions to our clients, while ensuring that these are tailored to the specific economic, cultural, and regulatory contexts of the Yorkshire market. For example, our global network allows us to provide insights into international market trends, to understand any key issues or barriers when establishing operations in new jurisdictions, and it provides us with a gateway to a vast array of potential investors, while focusing on local opportunities and challenges.

Social mobility and diversity are key issues in many industries today. How do you promote these values within your Forvis Mazars business?

We promote social mobility and diversity through inclusive hiring practices, continuous education and training programs, and by fostering a workplace culture that values diverse perspectives. Our initiatives include partnerships with local schools and universities, mentorship programs to support career development and we have a number of national networks that support underrepresented groups and are led by Partners and Directors in our business.

Last year we saw our school leaver intake in Leeds increase to around 30% of our new trainee cohort and we had broadly a 50:50 gender split. Investing in the next generation of our team is important for the continued success of our business and its vital that we approach diversity and inclusion at grass roots to ensure we embed this throughout the business.

What message would you tell your younger self when it comes to being a female business leader in finance?

I would tell my younger self to embrace every opportunity for growth and learning and this means recognising that failure is part of that journey. We don’t all get everything right first time, but building a strong network of mentors and peers will help you build resilience and perseverance. Being prepared to say yes to new opportunities, even if it feels daunting is important, but knowing when to walk away from something that doesn’t fit with your values is equally important.