ECONOMIC POWERHOUSES: Entrepreneurial businesses are the driving force of dynamic growth in present day disruptive business climates.
The United Kingdom must learn from other world economic powerhouses too. We need digital innovation and new technology. Service companies must operate with flexible forward thinking strategies.
These are the essential ingredients for any country that wants to be at the forefront of global enterprise.
5 Guidelines for Boosting British Business
Obstacles and hurdles will always create speed bumps. There will always be unique challenges to overcome in the path of enterprise as a business scales up from start-up to mid-level.
But is the UK Government, and others, doing enough? How do they ensure clear navigation through this tough and rugged terrain?
1. Strategy and Support
Some decision makers have a problem with their business policies. There tends to be a lack of clear strategy and direction – rather than a lack of support. UK Government need a business plan for businesses.
Providing SMEs with one coherent strategy and the support they need is only part of the solution. But, they need to raise awareness. They must simplify access to government-backed schemes and financial support.
2. Finding and Keeping Talent
An ever-increasing talent and skills gap affects staff recruitment. It shows from grass roots entry level workforce to senior management.
Most accept that we need changes at school and college level. But, the bigger problem is forcing businesses to tackle the skills shortage in-house.
Many have taken the approach of recruiting at low levels. They train and developing those staff. This takes advantage of apprenticeships, buddy programs, and internal training schemes.
Having a loyal workforce with the exact set of skills your business needs is smart planning. It is one of the golden rules in creating an economic powerhouse.
Hold on to Skilled Workers
The challenges continue even after the recruitment process. It can be tough and expensive to keep talent which has been nurtured in-house.
Be cautious of larger businesses poaching your staff – offering larger salaries. Even so, money is not the only attraction for the most loyal of staff members. Research suggests that employees will see the true value of your brand if it is strong enough.
Reaching higher workforce retention rates means sharing your vision. You should value your staff and make it clear how much they can benefit from working for you.
Welcome Women in the Workforce
Women occupy around 47% of the workforce in the United Kingdom. But, many females feel blocked from the rewarding and senior positions. There is a clear need to welcome more women into employment. This is especially so at entrepreneurial level occupation.
Juggling a full time job with childcare duties is difficult. This is the chief reason there are so many talented and skilled mums who have left the workplace. British employers need to recognize and respect that these females provide them with an ideal opportunity to hire great staff.
Of course, we need some flexibility and creativity. But, the United Kingdom can close the skills gap by welcoming more women into the workforce.
3. Public Sector Contracts
Public sector contracts account for a large percentage of business in the UK. Still, smaller businesses are often left out in the cold when it comes to winning lucrative contracts.
Reports show bids and tenders lost by SMEs due to avoidable rejections. These include minor spelling errors or a lack of unnecessary paperwork. Britain needs to provide a welcoming environment for small enterprises. They usually get pitted against larger firms with the infrastructure to cope.
4. Bureaucratic Red Tape
Talking of public sector contracts getting wrapped up in red tape. Bureaucratic red tape in Britain can strangle entrepreneurs starting out or scaling up. Boosting enterprise needs to become high priority in attracting start-up businesses.
Britain must offer greater guidance on navigating the rules and regulations in the United Kingdom. That will start to boost home-grown enterprise. It also diminishes the red tape and bureaucracy which surrounds public sector contracts.
5. Funding for Growth
Start-up funding, or seed funding, is not difficult to find and get a hold of around Britain. The challenge is getting hold of fast growth finance. The UK targeted and focused on supporting entrepreneurs and entry level SMEs over the last ten years or so.
There must be more growth and more investment. This will help those firms as they expand and drive through the next stage of expansion. Funding for growth should begin by promoting better understanding between banks and businesses.
Bank managers often find it difficult to see the viability in a business growth plan. This is particularly so if it’s related to the new wave of disruptive tech and digital businesses.
But, let’s also balance the scales. Companies should be aware of what information financiers need to see. In turn this helps them make their funding applications attractive for future investment.