BANKER’S ADVICE Golden opportunities
of the 2012 Olympics ByRichard Holden, Lloyds Banking Group
s the UK prepares to host what is likely to be the greatest sporting celebration on home soil in our lifetime, businesses still have time to capitalise on the golden opportunity the London 2012 Olympic and Paralympic Games will bring. The level of awareness amongst
A
business owners about how the Games will impact their business appears to be low. Experience from Beijing and Vancouver tells us that businesses tend to under-estimate the scale of the impact and this could be happening again. Nobody in the UK should expect the summer to be business as usual.
Both franchisors and their franchisee
networks should look to embrace the many opportunities throughout the country. The impact of the Games will extend far wider than London and the 34 Olympic competition venues. The Olympic flame arrives in Britain
on May 18 to begin the 70-day torch relay. There are over 600 training camps across the country and there will be more than 20 Olympic Live sites in operation here when the games begin, allowing people in urban areas to come together to watch news and events on big screens. The torch relay presents businesses with both opportunities and potential problems. Customer-facing businesses along the route may be able to harness benefits from the influx of people during the day. They should think about how they can make their businesses more visible. The most significant problems are likely to be transport related, although your local authority will be able to offer advice in this respect. Many of the infrastructure contracts
for the Olympics were large and, there- fore, not suitable for smaller firms. There is however significant sub-contracting opportunities with main contractors as well as many smaller contracts still to bid for leading up to and following the Games. The
www.competefor.com website provides information about contract opportunities.
●Richard Holden heads the Lloyds Banking Group franchise unit and is an expert speaker at exhibitions and seminars. He also regularly contributes to the national and trade press. The group has franchise managers throughout the UK offering support to both franchisors and franchisees.
The British Business Club is available
to help owners make the most of business networking activity around London 2012 and other major sports events both now and in the future. Membership of the British Business Club is free. It is anticipated that most UK
businesses will experience some disruption during the Games. Whether that is staff availability, transportation and supply disruptions, travel chaos, the need to upgrade technology, or increased security concerns, there is a need for franchisors and franchisees to effectively plan ahead.
Goodwill By simply embracing the excitement
this summer, business owners can create significant goodwill with their staff, customers and suppliers. Adopting a flexible approach with your team over working patterns and celebrating British success together by giving staff the opportunity to watch key live events at work is likely to pay dividends and have a lasting legacy. Longer term benefits to your business are likely to outweigh any short-term productivity loss. Businesses are being urged to encourage their employees to work remotely or offer flexible hours. However it is crucial that businesses have the right solutions in place in order to support remote working and at the same time it doesn’t jeopardise the company’s security. There is a need to communicate
effectively with customers, suppliers and employees. A number of industry sectors, including tourism, retail and catering, are anticipating a much greater demand during the Games.
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www.franchiseworld.co.uk April/May 2012
Checklist for businesses
● Develop a business contingency plan.
● Consider flexible working arrangements.
● Speak to suppliers to understand the impact on them.
● Be prepared - stock up in advance.
● Review security arrangements, including keeping data safe.
● Consider your IT infrastructure and possible upgrades.
● Communicate with customers and manage their expectations.
● Keep franchisees and staff informed. ● Take advantage of the opportunity.
● Embrace the spirit of the Games and celebrate success.
It is essential to work with customers and suppliers to ensure they are aware of how the Games will impact their deliveries and how the business plans to operate during the Games. Manage customer expectations by making them aware deliveries are likely to take longer and factor these extended times into estimates for deliveries. Carry out any preventative maintenance on equipment or vehicles now before the Games. Stock up in advance and reduce deliveries where possible by working with suppliers. Drivers in particular will need to be aware of the temporary changes to the road network in place during the Games. Planning and preparation is really
important as this will enable franchisees and their staff to cope more effectively during this period. Consider the training needs so that employees will have the confidence to take on new responsibilities and to cover absent colleagues if required. London 2012 will be a unique event, so the precise impact on businesses may be hard to predict. Minimising impact and maximising the full potential of the Games will take careful planning. So if you haven’t started to plan it is not too late to start thinking ahead. Download your free copy of the Lloyds TSB Games Time Ready guide today at
www.lloydstsbbusiness.com/london2012.
i 0800 681 6078
franchising@lloydstsb.co.uk
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