Get off the blocks...
AS RESEARCH revealed that more than eight out of 10 Teesside firms were failing to cash in on the Olympic business bonanza, support agencies launched another bid to get them off the starting blocks.
Earlier this year One NorthEast and the Olympic Delivery Authority joined forces in a joint effort to wave the Tees flag by encouraging small and medium sized enterprises to take advantage of the e-tendering system, CompeteFor. The sophisticated web-based tool aims to help business tap into commercial opportunities associated with London 2012 Olympic and Paralympic Games, worth an estimated £4.4bn.
But new research from Lloyds TSB highlighted that eight out of 10 (82%) of firms in Teeside have not yet looked into the opportunities around the Games, even though 22% said the Games would provide a great opportunity to promote their business to an international market.
To stimulate interest and awareness, Lloyds TSB has launched the Official Business Guide for London 2012, which offers advice on how to get 'fit to supply', explaining every aspect of the supply chain, including the unique procurement policies involved.
It also covers useful sources of support such as the London 2012 Business Network as well as practical financial advice.
Meanwhile, One NorthEast and Business Link launched workshops across the region. Winning Business from Business - The Olympics Opportunities event will be held on March 25 at Durham Cricket Club.
Mike Mullaney, director and head of large corporate for Lloyds TSB Corporate Markets in the North East, said: "The London 2012 Games offers one of the biggest business opportunities this country has seen in 50 years. Regardless of industry, it provides a golden opportunity for businesses in Teeside to expand, diversify and reach new audiences. Although the opening ceremony is four years away, we urge businesses to take action now to grab a piece of the pie.”
The research also revealed some key misconceptions about the 2012 opportunities.
Almost one in five (19%) believe that because they are not based in London the opportunities are not open to them, whereas one half of the contracts already let have been won by businesses outside London.
Just over one in five (21%) of North-east businesses feel it is too early to start looking into the opportunities, while 10% don't feel their business is large enough to compete.
