Businesses that engaged with Jersey Business last year are expected to have collectively saved over £1m, it has been revealed.

An arms-length organisation (ALO) to the Government of Jersey which receives public funding, Jersey Business provides independent and confidential advice and support to local businesses.

Released this week, its annual report for 2024 shares details about its operations, performance and impact on the local business community. 

Express took a look at the report’s key findings…

Jersey Business currently supports 1,539 businesses in the island, with retail (383 businesses), construction (276 businesses) and hospitality and tourism (251 businesses) being the top three sectors. 

Almost half (43.7%) of the businesses it works with are single-person companies, meanwhile 40.1% employ between two and five people and 16.2% have six to nine employees. 

Jersey Business revealed that half of the inbound inquiries made last year were about starting a business. 

The report said the 79 businesses that attended the Jersey Business’ Business Improvement Programme (BIP) last year saved a net average of £40,000 each, or £1.04m collectively. 

The forecasted savings of all 206 organisations that had participated in the programme since records were held is £2.56m, Jersey Business shared. 

The ALO also said that, despite a 7% cut to its funding, it was increasing its output with a smaller team and less funding, showing “improved efficiency”. 

It reported an increase of 10% in enquiries and 38% in appointments compared to 2023, an overall 29% “increase in engagement”.

This was despite having 33% fewer employees in its client-engaging team.

An “organisational reset”

“Our organisational reset has meant that we’ve been able to focus our time and energy on improving efficiency, providing expert advice and boosting our engagement,” said Paul Murphy, CEO of Jersey Business (pictured top). 

He referenced the launch of Jersey Business’ new website and chatbot service as successful contributing factors. 

“I am particularly pleased that our increased use of data gives businesses a better understanding of their financial performance and productivity measures,” Mr Murphy added. “Combined, this allows us to concentrate on growth, innovation and resilience for Jersey Business and the businesses we serve.” 

Read the full annual report for 2024 here.