Business Support Services
SME Support
The project funds the posts of two business advisers who build solid working relationships with existing businesses, developing awareness and confidence in both locally developed and mainstream business support services.
The key aim of the project is to ensure that businesses in the NEM area are aware of the changes that regeneration will bring and that they are supported to adapt where necessary and grow where possible. This is absolutely critical to the success of the NEM programme as a whole. The advisers employ a diagnostic approach which leads to the development of an individual company action plan which can then be monitored to track company development.
The adviser team has proved highly effective in creating relationships with local companies and will play an increasingly important role in terms of the physical regeneration of the NEM area and the impact that this will have on local businesses. Many will have to be relocated so it is important that they have somebody who can provide advice who has an understanding of business issues and the implications of relocation upon the profitability of a business as well as the practical issues regarding moving large equipment or prevention of loss of orders due to interruption of manufacturing. This will become increasingly important over the next three to five years as some of the major housing and industrial developments start to progress.
The advisers will make contact with businesses which are new to the area, including high growth companies, in particular, those based at One Central Park in order to ensure that they are integrated into the NEM business and wider community. The overall package will lead to increasing business competitiveness and the creation of a greater number of commercial companies locally.
Contact: Karin Connell Tel: 0161 223 1155
New Business Support
The focus of this project is to assist local residents to set up their own business. The project funds advice and awareness sessions for residents as well as the opportunity to apply for a small start up grant.
The current mainstream offer will, by necessity, be focused upon people who already have a strong business plan and understanding of what is involved in being self-employed. The mainstream model is likely to restrict start up clients to a certain number of sessions in order to achieve a high volume of outputs. Our provision will support those who need more intensive support. Our experience shows that people in regeneration areas such as NEM need more one to one support to overcome some of the barriers that they may have to starting a business such as low self-confidence and poor basic skills, which mean that their progress in starting a business takes longer.
There is a huge amount of interest in self-employment in the New East Manchester area, however the East Manchester self-employment needs analysis, (March 2006) indicates that many residents do not have a realistic idea of what is involved in starting a business and what skills they may need to be successful. The barriers identified were as follows:
- Business support agencies' lack of flexibility in terms of meeting clients as often as clients would like or at times when clients need advice, due to lack of agency resources.
- In depth support with sales and marketing
- Motivation and low self-confidence
The project will therefore continue to fund of the costs of an enterprise facilitator who provides more in-depth support to residents to develop their business ideas and to explain the realities of running a business, through individual mentoring support. The enterprise facilitator will also work with community groups which may be considering starting a social enterprise. Once a resident has reached the stage of having a strong business idea, they will be referred to Business Start up North West, the mainstream business start up service.
NEM residents will be eligible for a grant subject to approval by a panel of experts. Post-start support is crucial to ensure that survival rates are high. This will be delivered by Business Start Up North West.
Another element of the work will include awareness-raising with younger residents with a view to increasing aspirations to self-employment and enterprise. This activity will involve close relationships with schools and the community and voluntary sector. Following on from the successful Enterprise Week activities in 2006, we will continue to build links with the local schools and will launch an annual enterprise competition.
Contact: Karin Connell Tel: 0161 223 1155