The Office of National Statistics has broken down average business turnover in the UK by region. We’ve broken down ONS statistics for our area so you don’t have to.
Plymouth is the “hottest” place to do business in Devon in terms of average business turnover. In fact Plymouth and Exeter are the only places in Devon and Cornwall where businesses achieve, on average, an annual turnover of more than £500,000.
The constituency of Torridge & West Devon is quite “cool” in contrast. It has a larger number of businesses than the two cities, but these are predominately micro-businesses. Torridge & West Devon may have an average annual business turnover of £330,806, but almost half of the area’s businesses turnover less than £100,000 a year. More than a quarter of its businesses turnover less than £50,000 a year.
North Devon has a slightly higher average turnover of £380,796, but its business demographics are remarkably similar to Torridge. Almost half of its businesses turnover less than £100,000 a year, with a quarter turning over less than £50,000.
So does this mean that businesses in Bideford or Barnstaple, say, are destined to be microbusinesses and turnover less £100,000 a year?
We don’t think so.
Around 45% of the businesses in Torridge & West Devon turnover between £100,000 and £1,000,000 a year. The same is true of 48% of the businesses in North Devon, so it can be done.
Would you like to grow your business? Do you want to increase its turnover? Then why not contact us for a free diagnostic review to look at your business potential?
We can help you learn how to increase prices and still attract more customers; how to keep your ideal profitable customers; how to get your customers to spend more and more often; how to create, chase and convert more sales leads; discover your unique selling points; and, educate your customers as to why they should buy from you.
To discover your potential contact us today.