In its latest impact report, clients of OxLEP Business have highlighted the areas they believe are holding them back from reaching their goals.
The need to build an effective pipeline of customer and maintaining a strong digital presence are just some of the challenges facing Oxfordshire’s business community – that’s the early findings of a new report soon to be published by OxLEP, as it holds one of its key annual gatherings of businesses, entrepreneurs and partner organisations later this week.
OxLEP’s latest impact report – which looks back on its last financial year between April 2023 and March this year – has outlined a variety of key areas and topics where Oxfordshire-based organisations say further support, from groups such as OxLEP Business, would help them to succeed.
The figures are revealed as OxLEP Business welcomes dozens of businesses and individuals – it has supported since April 2022 – to its ‘Marketplace and Celebration 2024’ event, to be held at the University of Oxford’s Examination Schools venue on the city’s High Street this Thursday (3 October).
The event – which has been sponsored by several organisations from across the county’s business community – will see a number of businesses backed by OxLEP over the past two years showcase their organisation to visitors in the style of a marketplace.
In addition, clients of OxLEP Business will be celebrated and recognised via an awards ceremony with a total of eight accolades set to be presented. Awards include; Employer of the Year, Start-up of the Year and Environmentally Sustainable Business of the Year.
The impact report saw its statistics drawn down from OxLEP’s business support tool – an online triage facility that allows organisations to report to OxLEP Business areas in which they need particular support.
Statistics were collated from responses received between April last year and March this year.
Of the 691 businesses who completed the business support tool during the 12-month period, 61% said that growing a customer base was a key priority – the top request for support received during the past year – with the development of an effective business plan (51%) and the improvement of business networks (44%) being the second and third most-common areas highlighted.
Sitting closely behind these priorities were improving marketing activity (43%), creating a better online presence (41%) and launching a new product to market (28%).
Helen Brind – Growth Hub Manager at OxLEP – said: “Our soon-to-be published report reveals key areas in which businesses are seeking support and guidance on and unsurprisingly, ongoing concerns as to how they can attract new customers and retain their interest remains a key issue.
“In addition – as almost all businesses operate within a crowded digital space – understanding how they can ‘stand out’ from the crowd and meaningfully engage with their target markets is a significant priority too, alongside building an effective business plan that can perhaps be diversified and flexed when necessary.
“Our role as the Local Enterprise Partnership and the access that we provide to resources and experts remains absolutely crucial to our business community, backing them to be the best they can be.”
Many of those attending Thursday’s early-evening OxLEP Business event have received support from the organisation, helping them to succeed – whether that be at a start-up stage, a period of business growth or an opportunity to look to new markets or products.
The impact report is set to be fully-published in full later this autumn by OxLEP and will further highlight how OxLEP has supported Oxfordshire’s economy during the 12-month period.
Looking ahead to this week’s event, Helen Brind added: “In many ways, it’s only when you hold an event like we are this week that you perhaps begin to fully-appreciate the scale of our work supporting Oxfordshire’s business community.
“Our statistics of course reveal the areas and scenarios that we are supporting businesses with, but it’s perhaps when you get the opportunity to speak with those individuals and businesses who you have supported to succeed that you truly realise the impact of our work and that without it, very many would be in a different position to what they are in now.”
Winners of the event’s awards will be revealed on OxLEP Business’ social media channels throughout the event on Thursday evening.
Find out more on how OxLEP Business can support your business
