James Pinchbeck, partner at Streets Chartered Accountants, considers a more balanced approach to growth. It is widely recognised that businesses need to grow to remain competitive and to continue to trade, however what constitutes or is meant by growth is not necessarily the same thing for everyone. Growth can come about in many ways including through the development of new products or services, innovation in systems and processes, adoption of new technologies and response to market and customer demands. For many business leaders, though, it is a focus on increased revenue and certainly it feels that there is often more talk about generating more sales or turnover than perhaps the other areas for growth. What drives that quest for revenue though can vary. For some it might be the founder, entrepreneur, or business leader themselves. For others it might be the pressure of external investors or shareholders or even the board of directors and employees. Whether it is driven by market forces such as customer demand or an individual’s ego could be up for debate. Certainly, it is widely acclaimed that chasing turnover is vanity, while focusing on profitability is sanity. Whilst a growth strategy that is well considered, resourced and implemented is likely to succeed, ill-conceived and thought-out plans or rather a lack of them are less likely. How many times have we seen rapid growth businesses come unstuck, with issues around funding shortages, declining profits, low staff morale, poor systems and processes, ethical compromise, regulatory risks, breakdown in culture and even loss of focus on what made the business successful in the first place. It can also be the case that many who aspire for growth are not structured or in shape for growth. The question is then perhaps if you don’t focus on growth for growth’s sake, what should you focus on. How about on building a better business? In contrast to focusing on solely the revenue line, attention turns to other areas of the business including improving customer service, systems and processes; staff training and developing, adopting new technologies and digital transformation. Building a better business requires a holistic approach that encompasses strategic vision, operational excellence, customer focus, and a commitment to continuous improvement. By implementing these strategies, businesses can enhance their performance, achieve sustainable growth, and create lasting value for stakeholders. While growth is crucial for business sustainability and competitiveness, an excessive obsession with it can lead to various negative consequences. Therefore, perhaps there is a need for a more balanced approach that considers long-term stability, ethical practices, employee well-being, and customer satisfaction that ultimately gives rise to more sustainable growth, as well as a better business. See this column in the July issue of East Midlands Business Link Magazine here.

Lincolnshire county council’s Executive has given officers the green light to pursue the necessary legal orders and land acquisitions for the North Hykeham Relief Road project.

IMA Architects has joined the sponsor line up for the East Midlands Bricks Awards 2024, backing the Developer of the Year category. Formed in 1997 by David Isherwood and Ian McCann, IMA has evolved into one of the leading UK Architectural Companies, with a strong reputation built on quality of design and client focus. IMA operates across all sectors, with particular expertise in large-scale logistics warehouse developments. Anthony Day, Managing Director at IMA Architects, said: “The Bricks Awards are always a fantastic event that brings together some of the best companies and experts within the East Midlands construction industry. “We are proud to support the awards so that Business Link can continue to highlight the excellent work being done in our region and recognize the businesses and individuals that are driving growth in the industry. IMA Architects works with several of the leading developers in the Midlands so we wanted to show our support by sponsoring the Developer of the Year Category. “Good luck to everyone who is planning on entering the awards!” The East Midlands Bricks Awards, which will take place on Thursday 3rd October, at the Trent Bridge Cricket Ground, recognise development projects and people in commercial and public building across the region – from office, industrial and residential, through to community projects such as leisure schemes, schools and public spaces. We also highlight the work of architects, agencies and those behind large schemes. Winning one of these awards will add considerably to a company’s or individual’s brand and enhance their commercial reach significantly. To nominate your (or another) business/development for one of our awards, please click on a category link below or visit this page. A highlight in the business calendar, winners will be revealed at a glittering awards ceremony on Thursday 3rd October, at the Trent Bridge Cricket Ground – an evening of celebration and networking with property and construction leaders from across the region. Tickets can be booked for the 2024 awards event here. Connect with local decision makers over nibbles and complimentary drinks while applauding the outstanding companies and projects in our region. Attendees will also hear from keynote speaker Paul Southby, partner at Geldards LLP, chair of the Advisory Board to Nottingham Business School, chair of Broadway independent cinema, trustee of Clean Rivers Trust, chair of Nottingham Partners, board member of Marketing Nottingham and Nottinghamshire, and former High Sheriff of Nottinghamshire. Thanks to our sponsors:      

             

To be held at:

Labour has won the general election in a landslide, with Keir Starmer set to become the new Prime Minister. Following the news, local business leaders have reacted. East Midlands Chamber Chief Executive Scott Knowles said: “Business wants the best outcomes that will remove barriers to economic growth in the East Midlands and we look forward to hearing the new Government’s plans as soon as possible.

“Government’s purpose is to create an economic environment that allows businesses to invest, to create and sustain jobs – and then to get out of the way to allow business to thrive. That’s what the business community needs for growth in the East Midlands and we stand ready to advise and hold the new government to account at both national and regional level to ensure that enacting the needs of our region’s businesses is top of the list. “Business currency is confidence – confidence means growth, investment into people, plant and machinery and digital transformation. Our Manifesto for Growth sets out what businesses in the East Midlands need across the areas of Investment, Innovation, International Trade and Infrastructure. We’ve presented it to Westminster; it’s ready for the new government to get on with and I urge its implementation.”   Chris Freeston, Nottingham Office Managing Partner and National Head of Banking and Finance at law firm Freeths, said: “As predicted in the polls, the election has resulted in a strong Labour victory. In terms of the impact on business, Keir Starmer and Rachel Reeves have met with most of the FTSE 350 in the last 18 months and have been courting the wider business community.

“The expectation is that in return for offering stability, planning reform to accelerate housing and infrastructure and a ‘business friendly’ environment to generate much needed growth, the new government will introduce greater rights for employees. This could include employment rights from day one, which may adversely impact retail and seasonal employers such as agriculture and hospitality, and potentially be much more interventionist than the previous government. As ever, we will have to wait and see exactly what changes are implemented and how quickly.”   Leanne Mordue, director of Derby digital marketing firm JDR Group, said: “I think this win for Sir Keir Starmer is going to be welcomed by our clients and our industry, because his campaign has been built on change and stability.

“If he is able to deliver that, people will experience the increase in optimism you get when things change and then they will appreciate a period of stability and the kind of steadiness he has been talking about. “We’ve had nothing but bad things after another for the past few years and that’s created nothing but uncertainty. Even though stability sounds dull, businesses will appreciate a period of calm because it’s more predictable, and that’s good for business.”   Malcolm Prentice, group chairman of rail depot maintenance firm MTMS, based in Moira, Leicestershire, said: “Rail is important to Britain, so I want this new Government to treat it seriously and take time to understand it. I don’t want them to use it as a political grandstanding opportunity, or to ignore it because it’s not an obvious vote winner like the NHS or schools.

“The last transport minister who really understood the railways, in my opinion, was Patrick McLoughlin. Now that we have a new government, I hope that whoever is appointed transport minister starts off in the right way. “No speeches, no instant changes – they need to begin by listening, and listening to the right people, who are the SMEs whose livelihoods truly rely on the rail industry and who rarely, if ever, get a say on their own industry. “The rail industry needs to change and they are the ones who deserve the chance to help shape the future.”   Penny Strutton, business psychologist and leadership specialist, Think Forward Consulting, said: “Keir Starmer’s leadership marks a pivotal moment for the UK, with Labour set to address years of conservative mismanagement. Effective change management is essential to restore pride and prosperity. Starmer must articulate a clear vision of success, supported by a comprehensive strategy with specific goals and timelines. Strong, visible leadership is crucial, with Starmer and his team championing the change and involving key stakeholders, including political allies, civil servants, and the public.

“Consistent messaging builds trust, and regular updates on progress, successes, and challenges are essential. Encouraging feedback and dialogue ensures that concerns are understood and addressed. Engaging individuals at all levels fosters ownership and commitment, while providing necessary training and support helps people adapt to new ways of working. “Identifying and celebrating early successes builds momentum and demonstrates the benefits of change. Ensuring these quick wins align with long-term goals is vital for sustainable improvement. Tracking progress through key performance indicators allows for regular reviews and adjustments, with flexibility to adapt strategies based on feedback and changing circumstances. “Promoting values and behaviours that support change, such as accountability and collaboration, is critical. Addressing resistance constructively ensures smoother transitions. By applying change management best practice to a huge political overhaul, Starmer and Labour can manage change effectively, delivering immediate benefits and setting the stage for long-term prosperity.”   Dr Selina Ambrose, product manager of Promethean Particles in Nottingham, said: “Seeing a new Government arrive can be a very exciting time. My hopes are that whichever Government is in power will make it a priority to support the UK’s science and technology companies who are doing exciting work to try and tackle the most important environmental issues the world faces today.

“Here at Promethean Particles we are scaling up an exciting class of compounds, called Metal-Organic Frameworks, to industrial volumes and have won significant funding in order to carry out our work. It would be great to see a new Government championing this country’s innovative science and technology companies, both at home and on the world stage. “During Covid, the world saw what can be achieved when scientists unite and collaborate to address a major global issue, by creating vaccines. Let’s see the new UK Government prioritise its support for science and business to collaborate and make significant impact in tackling climate change, water shortage, and the many other environmental issues facing mankind today.”   Matt Clutterham, owner of Derby-based brand and transformation agency Q Branch Consulting, said: “It is businesses that create the most important and impactful change in our world, not governments.

“Although governments control such things as tax, minimum wage and legislation, it’s important for business owners and leaders to take personal responsibility for the strategies, actions and leadership that will drive their organisations forward, not just rely on, or blame governments. “The results reflect the importance of trust, brand promise, proposition and a human centred approach in building loyal followers, customers and teams.”