central south mid market 11
INTERNATIONALUPBEAT CHALLENGES AMBITIOUS
COMMERCIAL BULLISH Looking to tomorrow
We‘ve long known that mid-market businesses rely heavily on investment in innovation as one way to ensure they remain competitive. But as companies start to focus on sustainable growth and compete in global markets, innovation is becoming an ever more critical element of business strategy.
As part of our focus on innovation, we consulted with other professionals in banking, law and intellectual property to identify the 20 companies that truly demonstrated the breadth of innovation across the region. These included a variety of manufacturers but also composite yacht designers and several software companies.
We discussed the drivers for innovation with these businesses, and what effect was being seen at both a top and bottom-line level. In almost all cases, the benefits were rapidly realised through either increased revenues due to market-leading new products, or increased profitability due to the higher margins achievable on more technically advanced products.
Across the board, companies agreed that innovation was crucial to their business. It wasn‘t optional – they strongly believed that if they stopped investing in innovation, it would quickly lead to reduced profitability. Common challenges to sustained innovation included the ability to recruit and retain a talented workforce in a fiercely competitive labour market. Access to grant funding for innovation – or more specifically support for businesses in how to identify the right funding and successfully apply for it – was also perceived as lacking.
While innovation is traditionally found in the technology and manufacturing sectors, we have seen businesses across broader sectors increasing their reliance on innovation, whether it be innovative new business practices, processes, or using technology to streamline operations.
The BDO Mid Market Company of the Year
The culmination of our year-long focus was the Central South Mid Market gala dinner and the announcement of the BDO Mid Market Company of the Year award last month at St Mary‘s Stadium.
Having reviewed all the top-performing companies that we identified in our analysis and having consulted with other key professionals in our local market, we were delighted to name - Selwood Group as the BDO Mid Market Company of the Year and also to recognise the success of
our other two finalists, Cannon Technologies and CLC Group plc.
Attended by over 170 business leaders and stakeholders, the dinner was hosted by BBC South Today‘s Laura Trant.
Malcolm Thixton, lead partner at BDO Southampton, commented: “We were delighted to name Selwood Group as Mid Market Company of the Year in the Central South. It has demonstrated all of the qualities that a mid-market company should have; the desire to innovate; the willingness to adapt to new market opportunities; and the ability to achieve sustainable growth.“
The dinner coincided with the publication of the Central South Mid Market Review for 2014-2015 ‘Putting the Mighty in the Mid Market‘ which shares the dynamics of the market, the seven key drivers behind success and our recommendations for the region. This article contains extracts from the review. Copies are available upon request or can be downloaded at
www.bdo.co.uk/news/central-south-mid- market-year-review
As we continue our mid-market focus through 2015 and into 2016 we will identify how the market is changing year on year. We will seek out the potential mid-market companies of tomorrow and consider the impact of the skills gap in the region.
Details: Malcolm Thixton 023-8088-1895
malcolm.thixton@
bdo.co.uk www.bdo.co.uk
BDO – MID MARKET ADVISER OF CHOICE IN THE CENTRAL SOUTH*
Above: BBC South Today‘s
Laura Trant hosts the Central South Mid Market gala dinner
Right (from left): Matthew Goulding, MD, Cannon Technologies; Malcolm
Thixton, lead partner, BDO; Laura Trant; Chris Garrett, MD, Selwood Group; Peter Armitage, MD, CLC Group
THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – MARCH 2015
www.businessmag.co.uk
* Based on listed auditor in accounts filed at companies house for privately-owned companies with turnover between £10-300m registered in south Hampshire, Isle of Wight, Dorset, South Wiltshire or Chichester and surrounding area as at February 2015.
GROWTH
VITAL
ADAPTABLE
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