The below diagram shows understanding the macro environment within the transformation life cycle
For the purposes of this discussion we will analyse the demographics of my own local business area of Southgate, North London
Whenever thinking about demographics our own local government can provide some very useful information. Below are some links to some very interesting documents
Enfield Borough Profile – this is a pdf document that provides key facts and statistics relating to the borough including population size and density, age and sex profiles, ethnic and cultural diversity, language, religion, sexual orientation
London Borough Profiles – this is an excel spreadsheet that provides statistics which compare Enfield to Outer London, London and Nationally in relation to demographics, labour market, Economy, Housing, Environment, Transport etc
Let’s look at some of the details held within each document that maybe of interest.
Enfield Borough Profile
The population of Enfield in mid-2018 was 333,869. The biggest regeneration programme was a £6 billion, 20-year project that took place next to Lee Valley Regional Park. The programme generated thousands of jobs and built over 10,000 new homes.
The top 5 languages spoken outside of English where Turkish, Somali, Polish, Bengali and Albanian
In 2018 there were 12,875 businesses registered with 92% employing less than 10 people.
92% of businesses survive the first year. It would be very useful to see what the statistics say about what happens after the 1st year and which types businesses are failing and why
A little bit of background reading shows that Enfield is 12 miles from the centre of London.
As a businessman you would automatically be asking questions relating to how the government would be spending £6 billion or what opportunities there would be when 10,000 new homes are being built. Remember that wherever there are large developments like this, the surrounding infrastructure and services will change also.
Enfield Borough Profile
What I like about the Enfield Borough Profile is the Chart-Map tab, which allows you to filter on a variety of elements. For instance, the filter called Employment Rate % shows that Enfield had a 69% employment rate compared to the national average of 72.2%.
The Profiles tab shows that 64.4% of the population are of working age and that 35% of the population was born abroad.
Interestingly, the Profiles tab gives us the success rate of businesses after 2 years at 74%.
So, we now have 8% business failures in year 1 and 26% in year two and inline with the rest of the country
So, as a businessman, would you like to know more about whose succeeding and whose failing in your geography.
Well, let’s visit the Office of National Statistics and get a breakdown.
Office of National Statistics The below graph shows the survival rates for businesses between 2013 and 2017.
As you can see from the trends above survival rates have been dropping over those 5 years and this looks consistent for each year after start-up.
What’s also interesting is that by year 5 in 2013 only 46% of businesses have survived.
As a Businessman this is where you want to focus. Do you want to be in the 46% survival area of the 54% failure area?
Feel free to complete our free business model assessment if you want an insight into how you’re managing your business strategy
Brian Hill is the principal partner at Rubiks Cube Management services and can be contacted here