36 focus on oxford Looking to the future
2011 has seen continued volatility and uncertainty which has taken its toll on businesses. The ongoing financial uncertainties in the Eurozone and the global economy, declining wages and cuts in the public sector mean supporting private sector growth is more critical than ever, writes Miles Saunders, PwC Reading
This is backed up by PwC’s recent CEO survey which shows that only 15% of CEOs expect the economy to improve in 2012. However, some 40% of CEOs are "very confident" of their revenue prospects and growth plans are still moving forward. In addition, our analysis into the latest corporate insolvency numbers are an indication that the effect of the downturn on businesses is showing signs of easing, with a significant 20% decrease in corporate insolvencies on the previous quarter in the South East.
As the economy recovers, the private sector will be a key driver in economic growth, and whilst Oxfordshire is home to a number of public sector employers, the region also has characteristics to support the growth of its private sector.
Oxford historically has a culture of innovation and entrepreneurship. According to a recent report by Centre for Cities, it is one of the few cities in the UK where more businesses were created than lost during 2010 and because of the University’s research base it is well placed to benefit from new green technology.
This year also saw Oxford surpass Cambridge as the city with the highest proportion of a highly- skilled workforce, which is likely to not only
attract employers but also entrepreneurship. When businesses contract during recession, it’s not uncommon to see individuals set up their own business, especially in the technology and pharmaceuticals space, and because of the high skill levels involved in these sectors – they tend to grow very quickly.
Oxford is very much part of a global economy and the need to remain competitive is ever present. Failure to deal with financial risks that could arise from the ongoing Eurozone debt crisis could impact on private and family-owned businesses. There are a wide range of potential political and economic outcomes emerging from the Eurozone crisis this year. It is possible that the UK may be seen as a safe haven by some investors resulting in funds flowing into the UK, which could then cause Sterling to appreciate in value.
In our recent survey of private businesses in the region, respondents told us that they are concerned about the potential impact of the Eurozone crisis, but few have given detailed consideration to the potential implications. Private and family-owned businesses need to take steps to protect their assets and plan for all potential economic scenarios.
At PwC, we work with a range of businesses from
£200m programme will boost ambitious SMEs
An innovative £200 million programme to help up to 26,000 of England’s brightest businesses achieve their ambition and potential, as well as creating 55,000 high- value jobs has been launched by business secretary Vince Cable.
GrowthAccelerator is available for companies with genuine potential for rapid and sustainable growth. The new partnership between the private sector and government will see proven business experts working with companies to identify their barriers to growth and ways to overcome them. This will be on issues such as securing finance, commercialising innovation or developing leadership and management capability.
GrowthAccelerator will be delivered by leading business advice specialists Grant Thornton, Pera, Oxford Innovation and Winning Pitch, along with a range of specialist local partners
The involvement of Oxford Innovation will be a boost to Oxfordshire. One
www.businessmag.co.uk
of the companies featured on the GrowthAccelerator website is Born to be Yummy, set up last year by Clare Panchoo in Oxfordshire. She was coached by Wendy Tindsley, one of the GrowthAccelerator team of business coaches.
As well as coaching, GrowthAccelerator provides comprehensive support by fast-tracking clients to trusted providers of business advice such as UK Trade and Investment (UKTI), professional advisers as well as relevant networks such as Angel Investors.
Vince Cable, said: “GrowthAccelerator is an exciting new programme that is at the heart of the government’s commitment to help businesses deliver growth by increasing their chance of gaining access to finance and spurring innovation. The £200m programme will deliver high- quality coaching to a range of businesses that will help them grow and give the economy a real boost.
“The UK boasts vibrant small and medium-sized businesses that have the chance to become the household names of tomorrow. With targeted support we are giving entrepreneurs a fantastic opportunity to take their businesses forward to succeed both here and abroad. I look forward to seeing what this great programme helps them achieve in the future.”
Funded by the department for Business Innovations and Skills (BIS), GrowthAccelerator is to be delivered by private-sector experts from a consortium led by Grant Thornton and comprises Winning Pitch, Oxford Innovation, Pera and seven other local delivery partners.
Karl Eddy, head of business growth services at Grant Thornton, said: “Our vision for GrowthAccelerator is clear – to provide fast-growing businesses with exactly the kind of expertise, insight and networks that entrepreneurs need to achieve their ambitions. The type of dynamic businesses that will benefit from this service are the businesses of the future, leading our economy.”
Details:
www.growthaccelerator.com THE BUSINESS MAGAZINE – THAMES VALLEY – JUNE 2012
FTSE to privately-owned, and we’ve continued to invest in our practice during the recession, particularly in the services where our clients have needed the most help. Over the past 12 months, we’ve expanded the human resource services, business recovery services, public sector and private business teams so that we can offer the support that businesses need, whatever the economy might be doing.
Details: Miles Saunders , senior partner
miles.saunders@
uk.pwc.com 0118-9383250
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