Learning from the Economic Growth of Coventry and Nottingham

 

Tags – Economic Growth of Coventry and Nottingham

 

Recently, we have been looking at our efforts to build a local business community that can extend to major British economies and even beyond.

To provide some context here, even though we are based in Leicester, the aim has always been to extend to Birmingham, Manchester, and London. This is because, even though Leicester is going in the right direction in terms of business development, it still doesn’t rank among the top 10 value adding economies within the UK; the top 3 spots being held by London, Manchester, and Birmingham. On this front, even though we have extended our services to the 3 enlisted cities, and even rank well there, the community building aspect is a step forward from that. Check our SEO services for London, Manchester, and Birmingham.

However, going straight to Birmingham aside which is just a 50 minute train ride away from Leicester, London and Manchester require some further effort. This is when we started looking into Coventry and Nottingham, providing better routes to London and Manchester respectively, realising that this connectivity might be the reason itself why Coventry and Nottingham are performing well economically. Both these cities, even though smaller than Leicester, perform higher on the economic scales within the UK.

 

Beyond Traditionalism for Cities

What are the general considerations for the economic growth of a city?

Away from developing a thriving local community, including housing, water supply and alike, cities are not stations of isolated growth. Therefore, none of this is rocket science that cities that provide better connections to nearby major economies end up benefiting too.

In the past, this connectivity may have been in the form of rivers and canals to facilitate movement of people and of course, imports and exports. However, as you can imagine, we have moved past rivers and canals and must look into roads, railways, and airports.

The road systems are pretty high standard across the UK, while on the other hand, both Nottingham and Coventry do not have a public airport. We can also discuss the generally high standard of other modern day amenities, including telecomm systems and the internet. But, none of these make a real difference anymore in the context here.

So, to get the advantage, these 2 cities have focused on the railway system. On any given day, you can go to and come back from London and Manchester to Coventry and Nottingham respectively for less than £20.

In comparison, Leicester’s one major downfall is how much it costs to reach London. This cost usually reaches a triple figure, even though just driving there takes less than 2 hours. (Leicester still has a canal system though).

 

The Business Backing Reasons

This focus on building direct routes is not a point of luck but carefully undertaken by the city councils of the cities we are discussing here. 

As a result, the impact on the local economies has been evident too. Simply, cities thrive when there is a larger inward investment as compared to money being pumped out.

(And, that is why Brexit makes little sense from an economic perspective – access to a larger market is beneficial for all parties).

Understanding these points is important for businesses too.

 

The Macro View in Business Decision Making

If we had to put this in a single sentence: Business leaders must take a macro view to support every micro action.

You may be tempted to jump into every action that can possibly help your business, but every action needs to fit into a bigger picture.

Sadly, psychologically, most of us are only capable of looking at either the micro or the macro. Therefore, the effort to look at both must be a voluntary one.

Our aim of building a community allows us to see potentials for partnerships. In fact, this is how our business came together. You can learn more about this by visiting our ‘Our Story’ page.

In addition, we still see value in building physical relations, based on our understanding of applied psychology, that we apply into our business too. Therefore, ‘from digital to physical’ is one of our motos. You can learn more about this by visiting our page on digital psychology and checking us on Meetup or googling “Marketing Voice on Eventbrite”.

 

To learn more, get in touch with us today.

 

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