Delivering a Better Future for Cheshire and

Transcript:Delivering a Better Future for Cheshire and:
Delivering a Better Future for Cheshire and Warrington Exporting: a route to business growth and economic development INCREASING THE GROWTH AMBITION AND RESILIANCE OF OUR BUSINESS COMMUNITY. Our vision is to CHAMPION Exporting As A route to LOCAL business growth by harnessing the support and expertise of the private and public sector. we will inspire and nurture an inclusive community of growth-minded exporting businesses not only to increase their own resilience but also that of the local economy. Championing exporting as a route to growth Championing exporting as a route to growth INSPIRE & ENCOURAGE Communicate the benefits, raise ambition, encourage development of capability to start exporting or do more. NURTURE & GROW Ensure access to specialist capability development to maximise opportunity (finance, innovation); create local exporter community to share & shape positive export behaviours. INFORM & CONNECT Promote & facilitate access to correct information, expert advice & practical assistance as well as relevant UK & overseas opportunities, activities, networks & contacts. The current situation Where are we now? (Figures based on 2018 pre-COVID-19 and pre-EU Exit figures) LOW PERCENTAGE OF EXPORTING BUSINESSESS 6% of the C&W LEP-based private sector businesses contribute to 64% of total exports for the region. The 64% of exports stems from within an industry sector that makes up 5% of total business count in the region. LOW VALUE OF EXPORTS AS A PERCENTAGE OF THE REGION’S ECONOMY The value of exports represents 35% of the total economy for the region. To achieve the C&W 2040 target exports must achieve a 2.11% year on year growth to sustain this 35%. LONG LEAD TIME FOR TRANSITION FROM NEW TO ESTABLISHED EXPORTER 2 years to feel business improvement effects. 3 years for survival rate as an exporter to level off 5 years to transition from new to established exporter. PREVALENCE OF MICRO AND SMALL BUSINESSES 98% of businesses are under £5m t/o (91% under £1m, 76% under £500k). Small businesses traditionally seek safer growth strategies. 2019 BEIS study on SMEs found over 76% to be growth inclined but only 13% planned growth activities including starting or increasing export sales. Benefits of Exporting for economic growth UK As long as a country is exporting a sufficiently diverse range of products, export-led growth is the favoured model for advanced economies. UK national and sub-national policies reflect this. Recognises 42 high potential sectors for UK businesses. CHESHIRE & WARRINGTON LEP Recognises