How are small to medium-sized companies in the Exeter area performing?
The Exeter area has long been one of the most thriving in the south west of England, and there are plenty of top commercial organisations here that are creating jobs and growing wealth. However, as is often the case, the picture is a little more complex once the top-level view has been moved to one side. This article will explore the real picture of Exeter’s small to medium-sized business scene, and look at what threats and opportunities it is likely to face in the coming months and years.
The impact of Brexit
With the Brexit saga continuing to rumble on, the most logical place to start when assessing how the Exeter area might fare economically in the coming years is here. Nationally, companies are preparing themselves for risks to the value of the pound, for bottlenecks at Dover when items that are crucial to company supply chains are brought into Britain, and more. Businesses in general are showing some signs of avoiding making key decisions due to the uncertainty that Brexit poses: with worries about staff availability, supply chains and more, holding off on investment is seen by many smaller businesses as wise.
Some specific Exeter-related factors interrelate with Brexit too. The south west has received a lot of funding from the EU over the years, and this could well be set to change when Brexit occurs – though the exact consequences of a change like this are still not fully known. The leader of Devon County Council, which covers Exeter, has recently said that the institution would take all possible steps to help businesses in the event of a no deal Brexit, and this may well have assuaged at least some fears about the situation for firms in the area. “What is certain is that the County Council is determined to help our communities and businesses to deal with whatever occurs,” said John Hart.
Trends and figures
Once the issue of Brexit and its potential impact is looked at and put aside, the next thing to do is to look at the overarching trends. It’s worth pointing out that in recent years, Exeter has been ranked among one of the top ten places in which to do business. Compared to the other major regional city, Plymouth, Exeter also offers higher wages – although depending on the sector in which the small business operates, this is not necessarily a good thing from the point of view of commercial sustainability. One other key trend to note is that the university continues to go from strength to strength: 98% of its research is labelled “of international quality”. For small to medium-sized businesses in the tech and science sectors, having a local knowledge pool of this calibre is a real boon.
Some optimism
However, while there may be some political and economic trends that pose some problems for Exeter, it’s worth remembering that for every perceived problem, there is also a small company that is just persevering with its business and achieving success. Take, for example, the case of Good Game, a small food company just down the road from Exeter in Topsham. The company has recently been awarded four Taste of the West prizes. The judges of this award were certainly pleased with the company’s offerings. They described the Tuscany-inspired deli meats from Good Game as “well-seasoned and well-matured over time…it’s soft but coarse and simply melts in the mouth”.
As the experience of prominent business figures including Lady Barbara Judge show, sometimes all that matters to climb the commercial ladder is perseverance and strategic thinking. While Brexit and other problems may indeed begin to pose a threat to some of Exeter’s small and medium-sized businesses over time, it’s also the case that many people will continue to maintain their businesses and innovate no matter what the news headlines might push them to do otherwise.
Small to medium-sized companies in Exeter face a mixed picture economically. The arrival of Brexit has posed problems across the south west of England and beyond, and there is still some uncertainty there. However, it’s also well worth remembering that the Devon spirit is one of resilience, and as a result, there are plenty of Exeter businesses that are working hard and pushing themselves to be as resourceful and successful as possible. While nobody has a crystal ball that can see into the future, it’s not difficult to imagine an Exeter that continues to be a hub for thriving small and medium-sized businesses in the years to come.
