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Changing the business landscape through innovation and transformation


Setting the pace of change Nearly 40% of the companies we surveyed claim they are transforming faster than the average in their fast-moving sector (the ones we like to call the ‘Faster than Fast’); whilst 36% of companies state they are just keeping up with the average rate of change in their sector.


Christopher Avery Head of Thames Valley


Now more than ever, there is a profound appetite for change sweeping across the globe, be it in business, politics or society in general. This brings with it challenges and opportunities for companies, both internally and externally.


Since we became the first law firm to float on the Alternative Investment Market (AIM), we have seen significant change within our own business; nationally with our acquisitions of Gateley Capitus and Gateley Hamer and locally, with the launch of our Thames Valley office. This article provides a deeper understanding of transformation, how businesses manage transformation and insights into the changing Thames Valley market and how local businesses are responding to this change.


Our insight into business transformation Earlier this year, we commissioned a report to enhance our understanding of how business leaders working in companies across the UK are implementing change within their own businesses. Our aim is to identify what the challenges are, and how they affect attitudes towards change.


Setting strategic priorities Change and transformation need to be the servants of the strategy a company is pursuing. Major change should always be in support of a strategic business priority.


50 %


of respondents said sales growth and profitability are their main aims over the next 12 months, with 47% citing it as a priority over the next three years.


Investment in people People represent the prime focus for strategic investment. For this investment to prosper it is often vital to cultivate the right mind-set across the business. This mind-set must institutionalise change and support successful transformation. However, staff retention and filling job vacancies were highlighted as two of the main barriers to implementing strategic priorities.


Facing the future The ‘Faster than Fast’ segment is the most positive about its long-term future growth prospects.


44 %


of those in the ‘Faster than Fast’ segment believe that they will ‘grow a lot faster’ than the average for their sector over the next three years.


Other key findings in the report


More than half (51%) of respondents said regional devolution will have little or no impact on their business.


More than 3 in 4 respondents (77%) believe that increased regulation poses a tangible threat to their business over the next year and will have some (41%), significant (20%) or high (16%) impact on performance.


Resistance to change and employee engagement/motivation were cited as two of the main barriers to implementing strategic business priorities.


Inadequate resource and cost/ budget constraints are the most commonly encountered barriers to business transformation.


Differentiation and productivity were also cited as main strategic priorities over the next three years.


*The survey fieldwork was conducted between Tuesday 1 March 2016 and Tuesday 3 May 2016. The one-to-one in-depth interviews were conducted between Tuesday 26 July and Tuesday 6 September 2016.


To download the full report please visit: gateleyplc.com/transform


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