High growth companies in Coventry and Warwickshire are being helped to expand further and create more jobs through local business support, according to a new report.
The monthly SmartRegion report contains findings from the Coventry and Warwickshire Local Enterprise Partnership (CWLEP) Growth Hub’s business engagements as well as from CWLEP, Warwickshire County Council, Coventry City Council, and other business support organisations.
The spotlight this month features high growth businesses which are characterised through employment and turnover growing by an average of more than 20 per cent every year for three consecutive years.
There are currently 670 high growth companies in Coventry and Warwickshire with the greatest proportions in professional, scientific and technical activities (21.3 per cent), information and communications (16.5 per cent), and manufacturing (15.4 per cent).
But CWLEP Growth Hub account managers Jim Clark and Justine Chadwick believe many are not aware of the support available through the Business Ready Programme, Early and High Growth Oversight, Made Smarter West Midlands, Help to Grow and Start Ups Loans to help continue their expansion and create high value jobs.
Jim said high growth firms have an important role to play in boosting Coventry and Warwickshire’s economy.
He said: “Sometimes too much emphasis is given to driving the creation of start-ups. The reality is that high growth, or scale-up businesses, create longevity of job creation, and create more jobs over time, and can help attract additional investment.
“Often, the talent required for high growth is significantly and predominantly at a higher salary level, which has spin-off benefits in providing good jobs for local economies and workers.”
Justine added that in their experience, many business owners often do not know what is already available to them through the local business support eco-system.
She said: “By being able to get to work with these owners we should be well placed to help them gain that support and continue the path to high growth.
“There are many ways we can provide help including identifying funding inside and outside of the local eco-system to support growth, finding new business opportunities and acting as a mentor to business owners and senior managers.
“We hope with the support of the business support eco-system there will be even more companies in our area that become high growth firms.”
Craig Humphrey, Managing Director at CWLEP Growth Hub, added: “It is recognised that high growth businesses are not only key drivers to the local economy and can be critical in creating employment, productivity, innovation, and generating growth, but also in providing resilience to economic shocks and downturns.
“We need to ensure that we keep that pool of high growth businesses, entrepreneurs, and workforces in our sub-region, and to do this we need to support ambitious and innovative businesses.”
The Growth Hub is supported by funders including Coventry City Council, Warwickshire County Council and Warwickshire’s District and Borough Councils.
For further information, please contact the CWLEP Growth Hub on 0300 060 3747 or by emailing support@cwgrowthhub.co.uk
Caption: Craig Humphrey, the Managing Director of the CWLEP Growth Hub