Why is Cambridgeshire successful for business growth?

Why is Cambridgeshire successful for business growth?

The county of Cambridgeshire, governed by the Cambridgeshire and Peterborough Combined Authority, is an economic powerhouse. Home to the renowned University of Cambridge, the county has a history of innovation and discovery, which continues today.

Cambridgeshire’s economic output is vital to the growth of the UK economy and its success on a global stage. It is, therefore, a prime location for aspiring start-ups and SMEs. Businesses in the region have access to excellent resources, such as the government-funded Business Growth Service.

There are few places to rival Cambridgeshire as a base for new and growing businesses, especially those in the tech and scientific research sectors.

As a proud member of the small business community here in Cambridge, JMC Accountancy supports many new and aspiring SMEs to manage their finances and fulfil their plans for business growth. Contact us to find out more about our accounting services.

Leading industries in Cambridgeshire

Cambridgeshire, in particular the city of Cambridge, has a rich heritage of academia, research and development. It was from here that DNA was discovered and inventions like IVF, the hovercraft and webcams were introduced to the world.

Today, the region is alive with technological innovation. It is a hub for high-tech businesses, with the area around Cambridge earning the nickname ‘Silicon Fen’, sometimes referred to as the ‘Cambridge Cluster’.

There are 54,497 businesses registered in the county (as of the end of 2020) and it is home to various large, international organisations, including The Marshall Group and AstraZeneca.

What is the economy like in Cambridgeshire?

Cambridgeshire is an affluent area with a good reputation for business success. The local economy of Cambridgeshire and Peterborough is worth approximately £27bn per year, with Cambridge’s technology sector contributing over £2bn alone.

Such prosperity attracts a high pedigree of companies to the area, as well as global investors. There is real drive to grow the local economy further and in 2017, the CPCA announced its bold ambition to double the region’s GVA by 2042.

How does this impact business growth?

Given its strong economic performance, Cambridgeshire is clearly a prime location to start or scale a business. Businesses here have access to a dynamic business network, a wide talent pool and ample opportunities for funding. Not to mention a wealthy population to target, for those in the retail and service sectors.

Recent business growth has further inspired confidence in the region, with a record number of 7,516 businesses launched in 2020, despite the Covid outbreak. Cambridgeshire also enjoys a high business survival compared to the rest of the country, evidence of the strong entrepreneurial spirit and high level of talent in the region.

Excellent support for businesses in Cambridgeshire

Given the success of the local economy, there is a naturally a strong business network in Cambridgeshire. Start-ups and established companies of all sizes have access to superb business advice and support.

As part of its efforts to grow the region’s GVA, the Business Board of the Cambridgeshire and Peterborough Combined Authority (CPCA) designed the Business Growth Service initiative to accelerate the rate of startups and enable business growth.

Via the Business Growth Hub they deliver free business advice and resources to local business leaders to help them achieve their potential. This includes growth coaching, free events, apprenticeship initiatives and grant funding. Visit the Business Growth Hub to find out more.

In addition to government funded support, the region is also home to several business incubators. St John’s Innovation Centre, for example, nurtures new and expanding businesses by providing workspace and business support. Is this is of interest to your SME then visit St John’s Innovation Centre.

JMC supports SMEs in Cambridgeshire

If you are a new business in the region, then welcome! JMC Accountancy is based near Cambridge and the team supports many local SMEs with a comprehensive range of accounting services.

We can help take the burden of accounting off of your hands with services such as bookkeeping, tax returns and payroll, so that you can concentrate on your exciting new venture.

Please contact us to book a free initial consultation.

Conclusion

Cambridgeshire is an important contributor to the UK economy and a globally recognised hub of technological development. The local economy is very healthy and the CPCA have a firm ambition to accelerate business growth and maximise the region’s GVA.

To help achieve their goals, the authority’s Business Board leads the Business Growth Service, giving local enterprises access to free business advice and resources. For these reasons, the region is a superb location for aspiring new start-ups and established SMEs seeking to develop and grow.

Toni Sculthorpe
Toni Sculthorpe

Managing Director

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