Fifteen per cent of Lancashire businesses are forecast to grow by over 20 per cent in the next year, significantly higher than the UK average of 13.1 per cent, according to a new report from national business growth specialist The Growth Company.
The State of Growth in Lancashire report was launched at Boost’s Boost & Co business partner event at Cotton Court, Preston last Thursday (May 16), which was attended by representatives from Lancashire’s business support community as well as companies across the county.
The report provides a comprehensive outlook on business growth potential in Lancashire over the next year and is based on data from Growth Company’s Growth Flag tool, an online platform that provides a forward-looking outlook on growth in individual businesses and local economies throughout the UK.
The report, which was presented by Growth Company national director Richard Jeffery (pictured above) and research consultant at GC Insight, Nathan Shoesmith shows that over 75,000 businesses are active in Lancashire with 47 per cent forecast to grow in the next year and 11,467 to grow by 20 per cent.
The report highlights variation in growth potential by sector as well as location. While, in Lancashire, the highest number of businesses with high growth potential can be found in the professional, scientific and technical sectors, the county scores higher than the average in UK’s top three sectors: manufacturing; agriculture, forestry and fishing as well as construction.
Growth Flag has been developed in collaboration between the Growth Company and data intelligence platform Red Flag Alert.
The Growth Company has 30+ years’ experience of delivering economic and business growth. The organisation is delivering Boost’s Scale to Thrive service, designed to support ambitious business leaders who want to scaleup and push ahead on innovation, investment, and internationalisation.
Nathan Shoesmith, author of The State of Growth in Lancashire report, said: “The data in this report looks at what is driving growth potential in Lancashire, as well as where there may be barriers or risks to growth being achieved.
“In changing times, being able to find growth potential is more important than ever and the analysis provided is designed to facilitate business support interventions in Lancashire’s local economies.”
The data can also be used as a tool to identify which businesses may have high growth potential but are displaying signals of financial distress. These are usually problems with cash flow, a frequent change of directorship, or a poor or unsuitable business structure. It is already by a variety of councils, combined authorities, universities and private sector organisations.
Andrew Leeming, Boost programme manager said: “The analysis in the report is something for the Lancashire economy to be proud of and shows the strength of our county’s businesses.
“It also gives further insight into the habits of scaleup businesses in Lancashire. Boost’s Scale to Thrive programme is specifically targeted to the needs of scaleups and being able to support these businesses in the best way possible through the programme is critical to ensuring these businesses reach their full potential. The Boost team will be using this data to connect with growth ambitious businesses across Lancashire to help them fast track and consolidate their growth plans.”
The Boost & Co event also featured a panel of Lancashire business leaders that have been through Boost over recent years including Celia Gaze, owner of The Wellbeing Farm, Tom Smith, founder and CEO at Complete, and Stephen Bolton, managing director at Lancashire Business View. They spoke about their own experience in receiving Boost support and the positive impact it has had on their business and their leadership skills.
The State of Growth in Lancashire report is open to all Lancashire businesses and local business support services to access and read and can be downloaded here.
If you’re looking to grow, scale or start your business, use Boost; Lancashire’s Business Growth Hub. We offer a range of funded business support services. Call our Business Support Helpdesk on 0800 488 0057 to find out more or complete our enquiry form.
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