Business meeting

Business survival and retention

The business survival rate is the percentage of businesses started which are still in operation 5 years later. The data is taken from the Business Demography data set from Office for National Statistics (ONS) which gives, numbers of ‘births’, ‘deaths’and survivals of businesses in the UK, figures are available down to local authority level. 

March 2021 performance

The five-year business survival rates in West Sussex, at 46.7 (46.7% of all businesses set up in 2014 are in operation at 2019) is higher than the regional (45.6) and national (42.5) average.  Out of the 18 upper tier and unitary authorities West Sussex has the 5th highest business 5-year survival rate, and whilst doesn’t lie in the top quartile compared with our statistical neighbours does lie in the top 50%.
The latest Business Demography data set was released in November 2020 and includes data for the period up to 2019, it includes data around the 5-year survival rates - that is those businesses that started in 2014 and were still in operation in 2019.
The Economy Reset Plan 2020-2024, essentially an update of the Economic Growth Plan 2018-2023 which sets out the priorities for supporting the recovery of the West Sussex economy  was adopted in November 2020.   The Reset Plan has nine priority themes, setting out where the County Council is best placed to make a difference and includes focus on enabling business start-ups, business survival and business adaptation. 
There has been progress on various initiatives for enterprises and businesses including:
  • the appointment of Muse Developments to be the development partner to deliver the Horsham Enterprise Park which will provide commercial space for a range of employment uses as well homes and local amenities;
  • continuing support for The Track – the new creative and collaborative workspace in Bognor Regis which will open, in light of Covid -19, when the time is right in 2021.
On specific projects – in relation to The Track, the development and creation of shared workspace space within Bognor Regis railway station, the fit-out works are now complete, creating over 400 sqm of employment space; the council’s appointed operators, Town Square Spaces, are now in occupation and working to develop membership and a new website for The Track is being developed and will launch later this month.  With regard to the Creative Digital pilot – unfortunately the initiatives were halted because of COVID restrictions in March, but will be delivered later this financial year, when it is safe and viable to do so.
The development of the Horsham Enterprise Park has taken a step forward with procurement is underway to appoint a development partner to work with us on creating a new high quality residential and commercial scheme.
The County Council’s Economic Growth Plan 2018-2023 focuses on where the County Council is best able to support and address economic challenges and opportunities. A range of activities are in flight or in the pipeline, including some that will help to address business retention and survival. These include the:
  • launch of the Hot House programme, a significant ERDF funded support programme for businesses led by the University of Chichester, with the County Council and the Districts and Boroughs key partners.  It will provide start-up support to encourage innovation, productivity and growth.  Economic Growth priorities have directly influenced the programme which will provide among other things, a legacy for the SPARK project – an Interreg funded project to encourage and support social enterprises to develop and deliver sustainable and high-impact innovations leading to increased growth. This was achieved through the creation of tools and the implementation of various complementary support activities; targeted support for older entrepreneurs and a focus on creative digital enterprise;
  • the development of Horsham Enterprise Park, a new, high quality employment floorspace for businesses, through the redevelopment of the former Novartis site.  Outline planning permission has now been secured for commercial and residential development.  The development will see up to 25,000 sq.m. of employment space and an enterprise hub for business start-ups entrepreneurs, micro and small businesses;
  • through the various Growth Deals with the Districts and Boroughs;
  • and activities to support businesses to survive and grow through adopting new digital technologies and services, linked to the county’s broader investment in digital infrastructure.