As UK Shared Prosperity Fund (UKSPF) draws to a close and a new round of funding is due to start, we’ve been taking a closer look at the impact data from our business support programmes.
The aim was simple: to understand what really drives return on investment (ROI) and how we can design programmes that deliver the greatest possible impact for SMEs and funders alike.
While every programme operates in a different context, some clear and consistent insights have emerged from the data.
- Programme Size Really Does Matter
One of the strongest findings is that larger programmes tend to deliver a higher ROI than smaller, comparable initiatives. This isn’t necessarily because the support itself is better, but because of how costs work at scale.
Fixed overheads – such as programme management, monitoring and reporting, marketing, and administration – can be spread across a larger cohort of businesses. As a result, a greater proportion of total spend goes directly into frontline support, improving overall efficiency and impact.
The takeaway? Where possible, designing programmes at sufficient scale can significantly enhance value for money.
- Manufacturing Programmes Deliver Stronger Returns
Our analysis also shows that programmes focused on manufacturing typically outperform more general business support programmes in terms of ROI.
Manufacturing businesses often benefit from highly targeted interventions – whether that’s productivity improvements, process optimisation, or innovation support – that translate more directly into measurable outcomes such as job creation, increased output, and export growth.
This doesn’t mean general business support lacks value, but it does suggest that sector-focused approaches, particularly in manufacturing, can unlock greater economic impact.
- Targeting the Right Businesses Is Critical
Another clear lesson is the importance of targeting. Programmes designed to identify and support innovative SMEs or those with high growth potential consistently deliver higher ROI than broad support offers.
By focusing resources on businesses with the capacity and ambition to scale, programmes are more likely to generate significant outcomes – not just for the individual firms, but for the wider economy through productivity gains, employment, and innovation spillovers.
Smart targeting, supported by robust eligibility criteria and diagnostics, really matters.
- Access to Finance Programmes Often Under-Report Their Impact
Finally, our data highlights an important measurement challenge. Access to finance (A2F) programmes sometimes appear to deliver lower impact than other types of business support, but this is frequently misleading.
A2F programmes typically focus on improving financial literacy and helping SMEs raise investment. The real impact comes later, when that finance is deployed to grow the business. However, these downstream outcomes – such as expansion, job creation, or increased turnover – are not always captured in standard reporting frameworks.
As a result, the true value of A2F programmes is often underestimated. Improving how we track and evidence these longer-term impacts is essential.
Turning Insight Into Better Programme Design
Taken together, these insights reinforce a simple message: impact doesn’t happen by accident.
Scale, sector focus, targeting, and measurement all play a critical role in determining how effective business support programmes really are.
If you are considering commissioning a business support programme – whether at a local, regional, or national level – now is the time to use evidence to shape your approach.
Get in touch to explore how data-led programme design can help turn ambition into measurable outcomes.
Case study evidence: integrated support unlocking ROI
The St Eval project demonstrates how combining strategic investment guidance with technical and digital manufacturing support can deliver measurable ROI that extends beyond headline funding figures.
In early 2024, the family-owned candle manufacturer engaged with Oxford Innovation Advice to address interconnected challenges – growth, production efficiency and sustainability – that could not be solved through standalone interventions. By aligning the Access to Finance+ (A2F+) and Digitisation for Manufacturers (D4M) programmes into a coherent, end-to-end support pathway, St Eval received tailored strategic funding advice alongside hands-on technical expertise to design and implement improvements that supported its long-term ambitions.
This integrated support helped St Eval secure a £276,280.50 grant from the Cornwall Council Good Growth Fund toward a £552,561 programme of manufacturing, sustainability and process upgrades.
With this investment, the company introduced condition-monitoring technology and increased automation, expanded production capacity, enhanced energy efficiency through building and renewable energy improvements, and implemented real-time environmental monitoring systems. These changes freed the business from manual controls, boosted productivity without compromising quality, and provided data-driven production insights that underpin continuous improvement.
Importantly, the support pathway also contributed to workforce upskilling, with staff gaining technical competencies in areas such as sensor system deployment and data handling, as well as strengthening energy resilience and sustainability credentials aligned to the company’s B-Corp and net-zero commitments.
By creating new jobs and safeguarding existing roles, the project illustrates how blended business support interventions can yield long-term benefits that extend well beyond the immediate funding value and are essential to understanding true return on investment.
