Agenda item

Briefing note of the Director of Regeneration and Economy

The Business, Economy and Enterprise Scrutiny Board (3) considered a report of the Director of Regeneration and Economy on the support Coventry City Council (CCC) had been giving to businesses during the 2023/24 financial year, and how the Authority had worked alongside local business support partners including Coventry and Warwickshire (CW) Growth Hub to ensure that needs and opportunities facing Coventry businesses and the local economy were being as effectively addressed as possible.

The Briefing note provided economic context as background information and details of Business Support Activities Led by Coventry City Council, and the Work of CW Growth Hub in Coventry’s Business Support Ecosystem.

The Board noted that the jobs that had been created for the local economy through the business support programmes and Inward Investment activities would play an important role in reducing local health inequalities. Giving local people greater access to good employment would play an important role in improving health, and in working in partnership with the Employment and Skills Service and the Employer Hub. The Council were working to match as many local residents as possible with new job and training opportunities that were being created.

In addition, the Authority had worked with its Public Health Team to raise awareness of “A Fairer Coventry” amongst local businesses, and ensure more businesses were considering the benefits of additional measures they could take to reduce health inequalities, as highlighted in the 2021 “Call to Action”.

In considering the briefing note, the Board asked questions and received responses on the matters summarised below:

• Many small and medium enterprises (SMEs) in the city received support – business advice and grants. The Business Support Team’s work was vital to these businesses who operated very differently from large organisations. The help ensured they operated in the best way possible and were able to consider growth. Recently, assisting with advice on energy bills had been essential for businesses.

• There was eligibility criteria for business support, but most small and medium enterprises were eligible.
• Differences in the numbers of businesses supported in each Ward was due to the differences of the numbers of businesses operating in the Wards. Further work would be undertaken to ensure data regarding numbers of businesses were captured and to link with as many businesses as possible in each area.
• A dedicated marketing co-ordinator was in place for organising campaigns, events, social media, pod casts, webinars, apps, etc., to reach out to businesses.
• To maximise inclusion and accessibility, all options for marketing the Council’s business support services should be in place, including direct marketing through leafleting, posters and radio and television advertising.
• Members understanding of Business Support Services would enable them to provide details of the services available to residents and signpost them accordingly.
• The West Midlands Investment Zone would offer tax incentives and business rate opportunities for new investment/investors.
• Compared to the national average, Coventry were below the average for skills and employment.
• Recession – if the economy shrinks for two consecutive quarters, it was considered to be a technical recession as growth was expected in future quarters.
• Innovation and working with Universities – foreign investment figures were indicative of the success of the two Universities in the City. The statistics highlighted the attractiveness of the City for investment.
• Health of workforce – work was undertaken with businesses to provide guidance on health programmes for a healthy workforce which was essential to a thriving business and the impact on public health generally.
• Targeted work for business start-ups was undertaken with the unemployed. Work was carried out through The Job Shop, who linked with the Growth Hub.
• The automotive and future mobility, digital, and e-commerce sectors attracted the most foreign investment.
• A co-ordinated cross boundary business support programme was essential for the Coventry and Warwickshire areas and the West Midlands region.
• Business support was available from a number of organisations. The Growth Hub was unique as it carried out a detailed diagnostic with businesses to work out what the best options and solutions were for their specific needs and directed them to appropriate support/help/grant.
• The Growth Hub was 50% Coventry and 50% Warwickshire owned and was a beacon in its work. In Coventry, the Growth Hub’s work was reported to the Coventry Shareholder Committee.
• Upgrade work was currently being carried out on the Growth Hub Website.

The Board requested that the Web link to the ‘West Midlands Investment Zone’ report, being submitted to the meeting of Cabinet on 12th March 2024, be circulated to them. The Board also requested that to maximise inclusion, all options for marketing the Council’s Business Support Services should be in place, including direct marketing through leafleting, posters and radio and television advertising.

RESOLVED that the Business, Economy and Enterprise Scrutiny Board (3):

1)  Notes the contents of the briefing note.

2)  Had no further recommendations for the Cabinet Member.