The southwest is enjoying tremendous success, with many start-ups flourishing across every sector. Find out how forex is used to drive profits and the grants available.
The southwest of England is a large and diverse area, spreading from Cornwall right through Devon, Dorset and Somerset, up through Bristol and Gloucestershire and incorporating Wiltshire.
This means that there are many different types of business, from those which rely on tourism and imports to others that are all about tech and innovation.
With the capital and the southeast often dominating the limelight, the southwest of England has quietly built a reputation for being a business powerhouse. Here’s a look at some of the local start-ups and how companies are achieving success.
One Step Ahead of Brexit
Brexit has had an enormous impact on many businesses around the UK in recent years, with lots of concerns about how it could affect imports and exports. While no company can escape its spectre, staying one step ahead can help to minimise any problems.
Exchange rates can make or break a business, either driving down or pushing up the cost of imports and exports. It means that knowledge of forex as a business owner is vital, even if you don’t import directly. Understanding how currency fluctuations will alter your stock price is an essential part of trading for every business. Plus, there are forex tools to help you plan ahead.
Of course, it’s not just Brexit that impacts forex, although it has heightened awareness for many. Changes in exchange rates are an integral part of business costs, and managing the impact is a fundamental part of success.
Access to Training
Every business needs to know its own particular industry, but in order to grow and thrive, broader expertise is essential. In February, the government announced a £20 million support fund which Business West is delivering. This series of grants is available to businesses to undergo training on export and customs declaration, helping start-ups reach an international market.
This government funding provides £2000 for every business to receive advice, support and training from Business West. Overcoming the difficulties of importing and exporting and understanding new import controls can be complex, and this training helps to address this.
There are other initiatives available to help businesses in the southwest, which have been ongoing for some time. These include the South West Growth Fund, a scheme designed to expand job creation and invest in equipment and technology, plus the Digital Utilisation support, which is intended to promote entrepreneurship and start-ups.
Achieving Success
All of these measures have had an impact on the southwest, and it now has a healthy number of prospering start-ups, with many going on to establish themselves as contenders in their field.
The #BackthGreatSouthWest campaign has been an enormous success, raising the profile of some of the topnotch work businesses are doing across the region. The scheme is sponsored by the Devon and Cornwall Police and Crime Commissioner, LiveWest and Pennon Group. It produces lists of some of the outstanding tech and innovation businesses that are leading the way.
This shows the potential for the southwest to become a global hub for tech and the commitment to continuing to invest in retaining and nurturing talent.