SMALL BUSINESS &
CUSTOMER RESEARCH
UPDATE
Matthew James
Research Manager
Thursday, 7th June 2007
OVERVIEW
• SME Update
• Customer Survey
• Exit Survey
• Churn indicators
• Key relationships
SMALL BUSINESS
TRENDS
LONDON’S CONTRIBUTION
37% OF TOTAL GVA
“London and the South East make a disproportionately heavy contribution
to economic activity. In 2005, these two regions accounted for 37% of the
goods and services (measured by GVA) produced in the country, even
though only 30% of the working age population lived in this area.”
MIX OF BUSINESS ACTIVITY
“However, the economies of London and the South East stand out not only
because of their scale, but also in terms of the mix of business activity. The
industrial composition of output is noticeably different to that found
elsewhere in England & Wales, particularly in the case of London.”
Source: Barclays Business Customer Economic Focus, Jan 2007
SMALL BUSINESS TRENDS
VAT REGISTRATIONS
VAT Registrations per 10,000 of the population
70
60
59
60
56
50
40
N
30
20
10
0
2003
2004
United Kingdom
South East
2005
London
Source: Regional Competitiveness and State of the Regions, DTI, May 2007
NB: Great Britain & Northern Ireland
SMALL BUSINESS TRENDS
BUSINESS STARTS
Expecting to start a business in the next 3 years
18
16
16
15
14
11
12
10
%
8
6
4
2
0
2004
2005
United Kingdom
South East
2006
London
Source: Global Entrepreneurship Monitor, 2006
NB: Great Britain & Northern Ireland
SMALL BUSINESS TRENDS
REGISTRATIONS & DE-REGISTRATIONS
London: Registrations & De-registrations
20,000
25,000
30,000
35,000
40,000
33,400
2001
30,825
32,955
2002
32,625
35,750
2003
31,760
%
35,320
2004
32,145
33,915
2005
30,230
Registrations
De-registrations
Source: Regional Competitiveness and State of the Regions, DTI, May 2007
NB: Great Britain & Northern Ireland
SMALL BUSINESS TRENDS
BUSINESS SURVIVAL RATES
3 Year Survival Rates
75
70
66.9
64
65
62.6
%
60
55
50
1995
1999
Year of business start
2002
UK
England
London
Source: Regional Competitiveness and State of the Regions, DTI, May 2007
NB: Great Britain & Northern Ireland
SMALL BUSINESS TRENDS
EFFECT ON UK BUSINESS STOCK
At end of 2005 – 4.342m
4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
1980 1983 1986 1988 1990 1992 1994 1996 1998 2000 2002 2003 2004 2005
Business Population (m)
Source: Small Business Service, 2006
NB: Great Britain & Northern Ireland
SMALL BUSINESS TRENDS
REGIONAL SPLIT
Business Population: Regional Split
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
North East
North West
Yorkshire and the Humber
East Midlands
West Midlands
East of England
London
675,795
South East
South West
Source: Small Business Service, 2006
NB: England ONLY
SMALL BUSINESS TRENDS
LONDON BUSINESSES
London Businesses By Employees - ALL EMPLOYERS ONLY
10-19
9%
20 plus
7%
5-9
18%
1-4
66%
1-4
5-9
10-19
20 plus
Source: Small Business Service, SME Statistics, 2006
NB: ALL EMPLOYERS IN LONDON=164,555
SMALL BUSINESS TRENDS
ANNUAL CUSTOMER
SATISFACTION SURVEY
CONSIDERATIONS
• What are the key issues & areas for improvement?
• What are the actions?
• What are the key relationships?
• What do customers expect of Workspace? Do we deliver?
• Is there anything we don’t know but should?
CUSTOMER SURVEY
CUSTOMER SURVEY: AIMS
1. Demographics
2. About business premises
3. Contact & communications
4. Assessment of brand values
5. Business performance
CUSTOMER SURVEY
RESPONDENT DEMOGRAPHICS
• 551 Response rate (390 paper, 161 online) – down on 677 in 2006
• 50% operate in creative industries or professional services
• More than 60% have occupied their current unit for less than 2 years
• More than 80% employ less than 10 people
• More than 50% have been trading for longer than 5 years
CUSTOMER SURVEY
0
2007
18.8
2
CUSTOMER SURVEY
9.4
5.4
7
3.3
3.8
Charity,
Voluntary,
Professional
Organisations
17.1
Community,
Health &
Education
20
Other
Services
32.5
Bus. &
Professional
Services
35
Creative
Industries
3.6
8.3
Construction
5
9.6
Wholesale &
Retail
10
Transport,
Travel &
Storage
%
Manufacturing
BUSINESS TYPE
Respondents By Business Type
40
34.1
30
2006
25
18.1
15
8.9
5.8
8.2
4
ABOUT YOUR PREMISES
• Cost & location remain most important factors in taking space
• 87% are satisfied with local service
• “It feels like a personal service - very good & friendly”
• “This is not a criticism of the staff (who are very good) but the standard
of lift maintenance is appalling and needs to be addressed.”
• 80% would recommend current business premises
CUSTOMER SURVEY
LOCAL CONTACT WITH WSG
Contact with Local Management Team
0%
2007
20%
40%
61
80%
29
73
2006
2005
60%
Happy with the contact I have
10
21
65
26
Contact is sufficient
7
10
Would welcome more
Consistently high year-on-year and
consistent across the portfolio
CUSTOMER SURVEY
100%
SERVICE ISSUES
45% had experienced service issues over the last 12 months, but...
0%
20%
40%
I was able to speak to
someone at Workspace
regarding my issue
Any service issues have
been resolved quickly
Any service issues have
been resolved satisfactorily
The reasons for any action
taken by Workspace were
fully explained to me
80%
94
100%
6
50
50
57
43
64
Agree
CUSTOMER SURVEY
60%
36
Disagree
WORKSPACE VALUES
To what extent do you agree with the following...
100
%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
86
Workspace provides good value for money
82
Workspace is committed to high standards of service
26
77
Workspace delivers all I expect from a landlord
23
94
Workspace staff are committed, reliable and honest
6
90
I feel I am fairly treated by Workspace
11
76
I feel I am valued as a customer
25
61
39
87
Overall, Workspace offers a competitive package
Agree
CUSTOMER SURVEY
18
74
Workspace builds relationships with its customers
Workspace’s offer is about more than just business space
14
13
Disagree
RESPONSIBLE COMPANY
Workspace as a sustainable & responsible company
0%
10%
20%
30%
40%
It is important to me and my
business that my landlord
behaves in a responsible
manner
I am aware of the action
Workspace is taking
60%
70%
80%
90%
99
55
45
Workspace recognises its
responsibility to society
82
Agree
CUSTOMER SURVEY
50%
18
Disagree
100%
SATISFACTION WITH…
SERVICE
87% are satisfied with the service they receive from Workspace
• “Very quick & efficient – always a friendly voice at the other end of the phone”
COMMUNICATIONS
93% are satisfied with communications from Workspace
• “Newsletter is good - nice to know what's going on. Idea of TradeLink is excellent”.
WORKSPACE AS A LANDLORD
91% are satisfied with Workspace as a landlord
• “The service is fuss free which for small businesses is ideal. We receive a friendly
service from the landlord and its staff. It’s a pleasure to be here.”
82% WOULD RECOMMEND WORKSPACE; 6% WOULD NOT
CUSTOMER SURVEY
CUSTOMER
BUSINESS OUTLOOK
CUSTOMER PERFORMANCE
Performance over LAST 12 months (SERT Benchmark)
Investment
Average
Employment
Turnover
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
WSG
+52
SERT
+20
WSG
+32
SERT
+4
WSG
+35
SERT
+12
Up
Same
Down
Source: NatWest/SERT Quarterly Survey of Small Business in Britain, Q4 2006
N=538
CUSTOMER SURVEY
CUSTOMER PROSPECTS
Performance over NEXT 12 months (SERT Benchmark)
Investment
Average
Employment
Turnover
0%
10%
20%
30%
60%
70%
80%
90%
100%
2
39
SERT
27
2
10
5
14
15
Up
Same
+50
-4
14
51
WSG
+68
+12
52
WSG
SERT
50%
70
WSG
SERT
40%
+46
-1
Down
Source: NatWest/SERT Quarterly Survey of Small Business in Britain, Q4 2006
N=538
CUSTOMER SURVEY
BUSINESS OUTLOOK
• Increasing competition (26%) and increasing business costs (20%)
are seen as the biggest challenges facing customers
• Access to customers, location in relation to key contacts and ‘kudos’
of London address cited as most popular reasons for being in London
• 21% think they will benefit from the 2012 Olympics, and a further
25% are unsure
• Those that will benefit will do so either directly or indirectly.
• Directly by winning business arising as a result of the Games
• Indirectly by the availability of projects normally taken by those
involved in the Games
CUSTOMER SURVEY
EXIT RESEARCH
AIMS
AIMS:
1. What proportion leave the portfolio & what proportion move within it
2. What types of businesses are leaving the portfolio
3. Why businesses leave the portfolio
4. Levels of satisfaction with Workspace
5. What tenants think of Workspace
60 interviews completed each quarter
EXIT RESEARCH
SUMMARY OF FINDINGS
• Over the last five surveys, on average 20% move to other WSG
properties each quarter
• The number of tenants moving to another estate or business
premises with a different landlord is about 50%
• No pattern by industry type, but the smallest at most risk
• 50% had been in their current premises for between one and three
years
• 88% see their local manager or Workspace representative at least
once a week
EXIT RESEARCH
SUMMARY OF FINDINGS
• Main reasons for leaving is COST - average is 38%
• On average 25% have experienced a service issue, but less than
10% said it contributed “a lot” to their decision to leave
• 95% believe experience has lived up to expectations… BUT,
seemingly low expectations.
• What makes a good landlord (unprompted):
Give a good service
Listen to tenants
Don’t know
Charge fair rents
Be helpful/friendly
EXIT RESEARCH
27%
22%
23%
18%
12%
KEY RELATIONSHIPS
> Those most likely to recommend are those who:
1. Agree that Workspace provides good value for money
2. Are satisfied with the contact at local level
3. Agree that Workspace delivers a competitive package
4. Are satisfied with Workspace Group as a landlord
5. Agree that any service issues have been resolved quickly
SUMMARY
CONSIDERATIONS
• What are the key issues & areas for improvement?
• What are the actions?
• What are the key relationships?
• What do customers expect of Workspace? Do we deliver?
• Is there anything we don’t know but should?
SUMMARY
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