Since the signing of article 50 triggered the formal start of Brexit negotiations, research shows that one-third of SME and mid-market businesses are hopeful that Britain’s departure from the EU will have a positive impact on their business, according to a report commissioned by the Lloyds Bank National Business Awards.
45% of SME and mid-market businesses admit to having more business ambition in 2017, compared to the previous year, contrasting with a tiny 3% who said their business has become less ambitious. The overall positive attitude and healthy levels of ambition indicate that businesses are still prevailing, despite the fact that a post-Brexit and Trumpian business climate is causing uncertain economic times ahead. Of those remaining optimistic, 30% of companies see the change in climate as a new opportunity, 23% believe it will impose fewer constraints on their business and 20% view it as a chance for foreign trade investment. Allyson Stewart-Allen, chief executive of International Marketing Partners found that the Ambition Index Report “result which particularly strikes is how leaders plan to capitalise on the opportunities sparked by Brexit to grow their businesses”.
The Ambition Index Report unearthed some other surprising findings. It also found that regionally Glasgow is the most ambitious, with nearly two thirds (60%) feeling an increase in their business ambition in the last year. Additionally 50% said that family and friends were the biggest catalyst for spurring ambition.
The report also aims to define the drive behind ambition, finding the ‘desire to succeed’ as the most popular definition of ambition; businesses also believe that determination to realise a plan, relentless work ethic and stretching outside your comfort zone are the main factors that make up the DNA of UK business ambition. Businesses that are experiencing a dip in ambition accrue it to bad management, closely followed by a lack of and unclear business strategy.
Returning with a theme of the Best of British Ambition, the Lloyds Bank National Business Awards will be held at the Grosvenor House Hotel on Park Lane, on 14 November 2017. Tom Broughton, group brand director of the Lloyds Bank National Business Awards believes that “from the Ambition Index report findings, we can see how ambition filters through those at the helm of businesses, across all regions and companies of various sizes – all who are very much at the heart of our awards programme.” The whole report, with comment from a number of Lloyds Bank National Business Awards supporters and finalists can be found here.
Last year’s Lloyds Bank National Business Awards ceremony welcomed over 1200 business leaders, entrepreneurs, politicians and media representatives at the Grosvenor House Hotel on Park Lane. Presented by the BBC’s Louise Minchin, the Lloyds Bank National Business Awards, which is organised by UBM EMEA, welcomed former Leader of the House of Commons Lord William Hague as headline speaker.
Having previously awarded brands across every corner of the UK such as The Body Coach, University of Leeds, Joe Carnell UGOT, BOL Foods, Hotel Chocolat, Handmade Burger Co. and Greene King’s Rooney Anand, the National Business Awards recognise business attributes from future skills, innovation, and the best of British leadership to Exporting UK Enterprise and growth.
For further information visit www.nationalbusinessawards.co.uk