Geared for Growth: TalkTalk and economia publish new report on what makes companies succeedadmin
Yesterday TalkTalk and economia jointly published Geared for Growth, examining key factors that both help and hinder company growth. It also raises the theme du jour in the business world – is the UK producing as many large business success stories as it should?
The report surveyed 532 businesses and categorised this cross-section of UK businesses into four groups — The Contented (34%), The Strivers (52%), The Thrivers (10%) and The Despondents (5%). Thrivers – characterised by their #1 ambition for growth and risk – showed a greater appetite for technology, with access to affordable technology seen as the tipping point for business growth. The authors assert that the findings “support the idea that national technology infrastructure, such as high-speed broadband, is a major factor in national economic development and growth”.
The importance of accessible and affordable technology is the key finding that runs throughout the report. On the whole businesses understand – at least in principle – that technology helps firms make efficiencies and savings. Tech is seen as ‘a hygiene factor’ – something that every business needs in order to survive.
Interestingly, the companies that were most ‘wary of growth’ were those from sectors which had suffered particularly during the recession – including construction, property and transport. Those that were the most growth-hungry, according to the report, were from sectors such as healthcare, business services and the media. Interestingly, we at BSG note that these are the sectors which the BIS Small Business Survey 2012 saw appealing most to a number of intangible factors for growth, including skills, ability to exploit new markets, increasing productivity and R&D; areas which we believe could be of transforming benefit if we can get the right policies in place to harness superfast broadband.
The report concludes “What matters… is that we have a big enough cadre of ambitious Thriver businesses to seeking to make the most of the advantages (technological and other) the UK presents. The evidence suggests they are there is force”. Superfast and super-available broadband has a huge enabling role here, and BSG will continue to work with policy-makers to do all we can to help these companies thrive.