United Kingdom
Adaptable Scottish Businesses Well Placed to Beat the Recession - Neil Craig
"Scotland has a reputation for spawning nimble and innovative newcomers” was one of the inspirational comments made by keynote speaker Professor Gordon Hewitt CBE, widely recognised as one of the world’s leading authorities on the dynamics of change in the business world, at our recent event in Glasgow.
Optimism and adaptability shone through when over 70 of our country’s business leaders met at the Glasgow Science Centre for the exclusive launch of the firm’s Transitions report – compiled in conjunction with The Centre for Future Studies – which advises business on the fundamental transformations companies, large and small, must undergo during the next five years if they are to survive and thrive.
Professor Hewitt chaired a lively debate and the live voting results suggested Scotland’s boardrooms are more receptive to the required changes than their contemporaries throughout the rest of the UK.
Over 88 per cent acknowledged the importance of the need for change and the fundamental transformations businesses must undergo during the next five years to prosper post-recession. Furthermore, over 83 per cent also felt, as a result of the recession, that sustainable growth and development should be at the heart of their business plans.
Offering tax incentives to small, dynamic firms to help achieve continued economic growth was seen as a key issue to almost half of the business leaders attending the event, however the lack of available finance to enable Scottish companies to thrive continues to worry 83 per cent.
These beliefs were shared by Professor Hewitt: “It’s essential that Scottish companies come to the realisation that you have to modify to win. It’s not necessarily the biggest or strongest businesses that emerge from periods of economic strife in a strong position, but rather those that are more adaptive.”
The business world needs to understand that there won’t be a return to pre-recession normality and is instead undergoing a transformation that will see industrial structures, models and values of the past, being usurped by a digital, networked age. This is illustrated by Scotland’s receptiveness to these changes – they have recognised there won’t be a return to the way things were and are focusing on developing new business models, propositions and management structures.
Scottish business leaders evidently believe they are well placed to endure and prosper in the post-recessionary economic environment – if they can access the required funding and have confidence in their abilities, Scottish business will be able to capitalise on and harness future opportunities.