business focus 17


Interactive views of business leaders at the summit


The opportunities


Q: How confident are you of growth in your business in the next 12 months?


94% of respondents said they were ‘confident’ or ‘very confident’ (46%).


Guest panel, left to right: Steph McGovern, Charles Davis, Steve Lamb, Phil Smith, Wendy Hart and John O’Hanlon


Phil Smith urged the adoption of technology to assist with the formation of improved communication links, international supply chain logistics, and better product or service awareness for customers.


Steve Lamb said the LEP was strongly supporting ‘collaboration for growth’ through networking and advisory events. Better broadband connectivity would help Thames Valley grasp export opportunities and the LEP was prioritising this objective. It was also acting as a facilitator to help bridge the Thames Valley skills gap through improved links to school, Teen Tech job awareness events and the use of real-time labour intelligence. “Our aim is to raise the ambition level in our local economy.”


Phil Smith advised companies to offer more job fulfilment to attract and retain talent – and not necessarily though a higher salary.


Wendy Hart stressed that companies need a clear vision of what they want to achieve. “Those who can adapt quickly tend to be successful and reach the top of their market. The dichotomy is the risk challenge about retaining what you have already achieved, and the appetite to move on and grow.”


Tackle the barriers


With innovation and talented employees being key business advantages, Paddy Ashdown identified the management of human capital as a crucial future focus for businesses aiming for growth.


But, finding, obtaining and retaining that ‘human capital’ was today’s challenge.


Ridgeway has adopted a ‘grow your own’ solution, revealed O’Hanlon, through a training ‘academy’ within the company. “Things change quickly and we have to have people who know our business well enough to respond appropriately.”


Cisco advocated greater business involvement within schools, colleges and universities, not least to change young perceptions of some jobs, said Smith. Mention of ‘engineering’ in career publicity could often deter applicants, he revealed.


Business involvement in career-based education THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER13/JANUARY14


and “talking to students about what you actually do” was vital to achieving the right future applicant, Lamb added.


Hart explained that finance for growth was definitely available, although terms might not always be attractive. Additional finance options and alternatives to bank funding were now in place, and businesses needed to be more prepared to consider these fresh sources of growth funds.


Lamb agreed, mentioning the LEP’s own access to finance initiatives such as the Growing Places Fund and TVB Funding Escalator. “People are willing to invest in the right business plan and rationale, and business case proposals are now more robust – a good sign.”


Smith suggested grant funding from the Government’s Technology Strategy Board could help R&D, innovation and growth.


Hart said she was heartened to see cash-rich clients beginning to use their funds to acquire, consolidate and gain advantage in order to grow.


Davis felt sustained business confidence was the key to growth investment.


O’Hanlon spotlighted rising energy and fuel costs as placing extra pressures on businesses, and he warned of potential wage inflation with salary increases being restricted during the downturn years. Control of such factors would be crucial in competitive markets.


Smith had seen greater use of technology by businesses in order to improve productivity and control operational costs. For example, conference calling and Internet-communication had significantly reduced travel costs. Technology was also bringing greater customer awareness, an important influence on future markets.


Lack of market awareness and international knowledge was limiting the desire to seek export growth, Lamb believed. The TVB LEP could provide useful information and contacts for businesses, he added.


While the Government (dti, BIS) could provide a wealth of advice and support, the panel suggested improved publicity and networking activities would assist.


www.businessmag.co.uk


Q: Are you planning to increase/decrease you workforce in 2014? 84% stated they will increase their workforce.


Q: What could be the top three external supports for your future growth?


Competitive business rates (54%); R&D grants (39%); apprenticeship programmes (23%).


Q: Is export growth a 2014 focus for your business? Yes (51%); No (38%); Yes, beyond 2014 (11%).


Q: What are your top markets for your future growth?


National (68%); regional (51%); local (44%): N. America (25%); Asia (21%); W. Europe (19%); Middle East (18%).


The challenges


Q: What are the biggest barriers to growth for your business?


Right skills/talent shortage (78%); access to capital (54%); marketplace competition (34%); management of growth risks (32%).


Q: What are the top three costs that will impact your growth?


Employments costs (100%); corporate tax regime (96%); energy (57%).


Q: What are your top three concerns about international growth?


Legislation/regulation (61%); cultural/ language barriers (55%); finding the right to help (43%).


Q: Has your business struggled to access suitable finance in 2013?


Yes (34%); No (66%).


Q: How important are alternative sources of funding for your business?


62% of respondents stated ‘important’ or ‘very important’ (36%).


Details: Wendy Hart 01865-799938 wendy.e.hart@uk.gt.com www.grant-thornton.co.uk


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