Rising to challenge of difficult times
Oct 15 2008 By Jamie Martin for The Journal
IF a week is a long time in politics, then a year can be a lifetime in business. This time last year, the first stirrings of the global financial slowdown were only beginning to be felt and the term ‘credit crunch’ was still in its infancy.
Yet while much has changed since and all have felt the effects of those changes, the Fastest 50 remains a source of pride in the North East’s business and a celebration of the achievements of its companies.
The list was first conceived 10 years ago as a way of highlighting the region’s business success stories at a time when the North East economy appeared beset by difficulties.
The fears over the strength of the pound and rising interest rates which occupied people’s minds then may seem relatively trivial compared to some of the shocks which have rocked the world’s economies over the past 12 months, but the desire and the need to create a positive message was the same then as it is now.
No one is suggesting that we should bury our heads in the sand and pretend that the events which have shaped the business world over the past year have not and will not affect us.
However, it is equally important that we do not let our heads drop as we face up to the challenges of today.
One of the great qualities of people in the North East has been the ability to face such challenges head-on rather than shrink from them and this can-do quality is typified by those businesses who populate this year’s Fastest 50.
The list shows that not only are companies within the region holding their own, but many are forging ahead, growing their business not just in the North East and the UK but also internationally.
If the events of the past year have taught us anything, it is the fact that the world is a much smaller place these days.
Just as this can cause problems to spread quickly, it also brings opportunities to grow quickly, something which has been grasped with both hands by many of the companies in this year’s Fastest 50.
Some of the current economic indicators – for example, a falling pound – will greatly assist our exporters.
While remaining proud of their roots in the region, many of the companies in the Fastest 50 have set their sights on breaking into markets around the world, exporting North East know-how across the globe.
Working the other way, a number of companies based outside the UK have recognised the unique qualities the region possesses and have chosen to set up important bases here which have contributed in no small part to North East successes.
In some respects we are perhaps fortunate that several of the areas in which the region excels – particularly the marine, offshore and oil and gas industries – have been left relatively unaffected by the turbulence buffeting global markets.
While other sectors have not escaped the effects, the North East’s determination to succeed and its ability to adapt to changing circumstances offer confidence for the future. It only remains for me to offer my sincerest congratulations to all those businesses in this year’s Fastest 50 for their achievements which, when set against the backdrop of all that has happened since last year’s awards, are even more impressive.
Jamie Martin, managing partner at Ward Hadaway.
