Local Economic Assessment - Business survey 2010

Overview

The Local Economic Assessment takes a holistic view of how the borough's economy works and connects to other places and issues. It does this by examining issues from the perspective of residents, businesses and visitors. It will inform economic strategy, the Local Development Framework, the Community Plan and other strategic plans. The findings will also help to inform the business element of the 'All in One' survey.

A business survey featured as part of the assessment. The survey was used to identify and address current gaps and key issues affecting businesses across the borough. A representative sample of around 300 businesses were surveyed by telephone.

What happens next

Headline findings from the business survey:

- Most of the respondents were owner-managed businesses (72% of businesses). This includes a very large proportion in retail and the rest are mostly in business services and hospitality, hence this reflects some of the borough's biggest employment sectors. As expected, the majority of respondents are very small companies.

- The owner's place of residence is a very important factor in business location decisions in Richmond upon Thames. Premises and access to customers are next.

- Most respondents did not experience difficulty in finding the right premises but 16% did.

- 26% are considering expansion in the near future. Moving to larger premises will be part of that.

- 11% of respondents express that they have skills gaps in their workforce and 16% have experienced recruitment difficulties.

- A quarter of responding businesses say they are considering expanding their businesses in the near future.

What has happened as a result?

The survey findings have been considered alongside views from residents and visitors on issues relating to the borough's economy. These have been incorporated into a draft Local Economic Assessment, which is available to view online at the below link.

The draft Local Economic Assessment highlights point to some potential priority issues and challenges for the borough's economy:

- Quantity and quality of office stock

- Competitiveness of local retail centres

- Growth opportunities for micro businesses

- Recruitment and skills progression for lower paid service jobs

- Housing affordability to maintain workforce.

The full Assessment and these priorities will be further discussed through the borough's Community Planning programme.