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.