Raise the BAR - Business Adaptability and Resilience
Raise the BAR, the GBCC’s Business Adaptability and Resilience Campaign aims to challenge & inform employers about approaches to managing risk and being agile and responsive to change.
Throughout September 2019 we will be giving a platform to our Chamber members to share their experiences, advice and insight.
Join the conversation on social media using the hashtag #RTB19 and find out more in the sections below.
of CEOs in Western Europe believe that global growth will decline in the next 12 months (PwC)
of CFOs disagree with the statement that now is a good time to take risk on to their balance sheet (Deloitte)
of local businesses cite Brexit as their principal business concern (GBCC)
About the Campaign:
Raise the BAR is sponsored by Western Union:
For organizations seeking a partner to optimize cross-border payments, Western Union Business Solutions equips you with the solutions you need to send, receive and manage international payments. Our extensive global network, spanning 200 countries/territories and 130 currencies combined with our knowledge of local markets enable you to manage international payments simply, effectively and efficiently.
The campaign was proposed by and designed with our Chamber Council, individuals elected by Chamber members to represent their views on Chamber policy & campaign priorities, in response to the uncertainties facing local businesses.
The Business Fundamentals
Approaches to understanding and managing risks, finances and key business and market data form the bedrock of being a resilient and adaptable business. Find out how Chamber members are approaching this and where you can access support here.
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From cyber security to investing in new technologies to boost efficiency or keep ahead of the market – technology features in almost every business risk register and growth plan. Find out how Chamber members are approaching this and where you can access support here.
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The Global Marketplace
From Brexit to trade wars, it has been an uncertain year for businesses whether they trade internationally or not. Find out how Chamber members are approaching this and where you can access support here.
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People & Leadership
Successfully implementing change in an organisation takes a lot of work – and people sit at the heart of it. Find out how Chamber members are approaching this and where you can access support here.
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What needs to change?
In order for businesses to be able to increase their resilience and adapt to change as quickly as possible, they need the UK Government to deliver the following:
- The avoidance of a chaotic Brexit at all costs. Businesses, and the people they employ, should not have to pay the price of political inertia and indecision.
- Additional funding directly for businesses to support them in 1) preparing for Brexit, 2) managing the impact on cash flow of a no-deal Brexit scenario.
- Root and branch reform of business rates to reduce inflexible input costs and stop penalising businesses that invest in their premises or are based in community hubs.
- Complete clarity on the future of, and streamlined access to, funding for innovation for growth & business support activity post-Brexit. Too much regarding the UK Shared Prosperity Fund remains unclear.
- Take steps to support prompt payment of businesses in supply chains for public sector contracts.
Businesses can also take the following steps to support themselves and each other in becoming more adaptable and resilient:
- Ensure that you are fully utilising all UK Government tax breaks including R&D tax credits to help improve financial resilience.
- Review your own payment terms and practices to increase 1) speed of payment from your customers and 2) the speed with which you pay your suppliers.
- Explore opportunities to partner with universities through Knowledge Transfer Partnerships to bring the latest research and expertise into your business practices and products.
- Explore opportunities to spread risk and tap into opportunities by looking beyond the UK market and trading internationally.
- Make the most of the support available to you through the Greater Birmingham Chambers of Commerce, GBS LEP Growth Hub and other business support providers.