12
World Report - UK & Ireland
JANUARY 2013
UK’s fastest growing businesses will spend their way out of recession
The UK’s fastest-growing businesses plan to use each other for support and to invest in the strength of their own business models in 2013 in a bid to achieve growth, new research by GrowthAccelerator,
the
coaching service that helps businesses fulfil their growth potential, reveals.
GrowthAccelerator’s survey of 500 of
the
businesspeople leading some of the UK’s most promising enterprises found that working with like-minded peers and
investing in training for staff topped the ways they plan to pursue growth in the coming year.
The findings demonstrate that the owners behind the UK’s fastest-growing businesses are so confident in their business models – 86% predict they’ll grow by up to 20% next year – that they’re investing money rather than cutting corners, in a bid to help their staff and businesses achieve their potential.
When asked what their Legal sector optimistic for 2013
Prospects for the legal sector in the New Year were given a boost after a study of SMEs found 42% expect growth in 2013.
With SMEs and entrepreneurs seen by many as key to the country’s economic revival, research from The Co-operative Bank has revealed that a majority of legal SMEs believe they will see an increase in business next year.
The findings also show that 33% expect to take on new staff, whilst 21% plan to invest in their business, for example through new equipment or improvement to premises.
Keith Alderson, Managing Director of Corporate and Business Banking at The Co-operative Bank, said: “SMEs and entrepreneurs are widely acknowledged as vital to Britain’s economic recovery so these results are good news as we head in to 2013.
“As the curtain closes on another tough year it seems many legal SMEs are now looking forward with a cautious sense of optimism about the challenges for their businesses next year.
“We see this entrepreneurial spirit day-in, day-out in our dealings with customers and I’m not surprised that SMEs are adapting and exploring new markets to overcome the economic challenges.”
Asked about the challenges facing their business in 2013, a quarter (25%) surprisingly said they did not view the current economic climate as their main concern.
Uncertainty in the economy was still, however, by far and away the biggest challenge with 75% saying it was a major challenge. Red tape and regulation were regarded as the next main issue cited by 38%, followed by cashflow (33%).
The study also found that just 17% felt business would fall in 2013 although 21% said they had suffered a decline in 2012. Some 29% also experienced a decline in recruitment this year, but just 13% felt that this would continue in 2013.
The study was carried out on the Bank’s behalf by YouGov.
biggest business ambition was for 2013, the majority of respondents said they wanted to grow their workforce, with staff training coming out on top when asked how they’d spend additional resources. They also said that if they could give aspiring high growth businesses one piece of advice, it would be ‘to continue investing in staff even when money is tight’.
Simon Littlewood, Head of Business Growth services at GrowthAccelerator said: “In prioritising investment in staff
training next year fast- growing businesses are showing they have faith in the strength of their business models. The impact of the recession has hit hard for many companies and we know from the businesses we work with every day that there is nonetheless huge ambition and drive among the UK’s business owners. The GrowthAccelerator service is all about providing the tools, access to individuals who can help and support that businesses need to achieve this potential for growth.” Also
high on the list of activities fundamental to growth was forming partnerships and networks, and working collaboratively with like minded businesses and organisations, with the majority of respondents citing this as the biggest contributor to their growth to date. Business owners who had received formal advice and coaching said ‘the creation of new networks and relationships’ had been one of its biggest benefits, and had helped them towards achieving future growth.
only half of British businesses have heard of the Bribery act, warns Ernst & Young
The FIDS (Fraud, Investigations and Disputes Services) team at Ernst & Young has released new research revealing that only half of British firms have heard of the UK Bribery Act (56%), despite the fact that the legislation was enacted more than a year ago. The research also revealed that larger firms (those with a turnover of more than £50 million) are ahead in terms of their awareness of the Bribery Act (76%), whilst in comparison, mid-market firms (£5m-£50m) have a long way to go, with a worrying 64% of them still unaware of the legislation.
The study polled 50 procurement managers and directors from firms across the UK – 25 from companies with a turnover of £5m-£50m and 25 from companies with revenues in excess of £50m. The results pertaining to midmarket firms are particularly concerning given that UK Ltd has had more than a year since the introduction of the Act in July 2011, and these firms are less likely to have robust processes and systems to counter bribery risk.
John Smart, Partner at Ernst & Young said: “The Bribery Act has been with us for more than a year, and it’s a concern that so many firms still don’t know what it is and what it means for them. We shouldn’t need to wait for a company to be fined under the Act before we are spurred into taking the appropriate precautions to manage bribery risk.”
Additional findings from the re- search include: • Of those firms which had heard of the Bribery Act, just over half of them (52%) vet their suppliers to see if they too are compliant with Bribery Act; • Nearly three quarters of firms in the North of England (78%) are still unaware of the Bribery Act; • Over half of UK manufacturing firms have still not heard of the Bribery Act (53%); • 67% of firms in Scotland and 72% firms in the South of England have heard of the Bribery Act; • Over half of UK manufacturing firms (53%) and nearly three quarters (75%) of automotive firms have still not heard of the Bribery Act;
John Smart said: “The midmarket and the manufacturers really need to get to grips with their bribery risks without delay. If the UK is to export itself back to growth, then this carries with it a whole raft of new risks, including bribery. A robust review of the supply chain should be a key focus for businesses, as proper processes for vetting suppliers is required under the legislation.”
Smart concluded: “Based on our findings, it seems that firms are either underestimating bribery risk, don’t feel sufficiently educated to give their staff adequate guidance, or are failing to see the urgency in ensuring that their organisations and their suppliers are Bribery Act compliant. In any case, these results should serve as a stark warning to firms that they should ramp up their compliance procedures to ensure that clear anti-bribery policies are in place right across the business and the supply chain, and that relevant staff receive sufficient training.”
www.lawyer-monthly.com
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