Join up and share in success
Organic growth of our economy depends partly on members of the Top 250 endorsing and using expertise of services on their doorstep, says Dan Brophy.
REPERCUSSIONS of a declining economy have been painfully felt throughout the service sector. But with the pace of decline showing some signs of decelerating, can we begin to look ahead with renewed confidence?
Surveys show that optimism within the sector is rising, and although we are by no means out of the woods, those optimistic leaders in business who are able to adapt to change fast will speed out of recession stronger and more profitable than ever.
One of the Government’s strategies is to encourage and support the manufacturing sector. The Government’s Manufacturing Strategy highlights the need for greater investment by the sector in “intangibles” – or Knowledge Intensive Business Services (KIBS) – to help build competitiveness and sustainability.
In fact, the Government’s strategy states that “our future lies in a mixed and balanced economy with manufacturing and services reinforcing each other”. Is the region’s service sector ready for this renewed focus?
The key driver in adapting to this rapidly changing environment and opportunities it gives is collaboration. Collaboration with the right partners can make us bigger and better. By joining forces with other businesses, and sharing information and resources, we can move fast, identifying problems and presenting solutions cost effectively.
Organic growth of our region’s economy depends, to some extent, on the companies which comprise the Top 250 appreciating the levels of expertise available on their doorstep, and utilising the professional business services that exist in the region. Many KIBs businesses, though not prominent in the 250 listing, are suppliers to those businesses.
Analysis of every recession in modern times reveals that recovery is always driven by KIBS such as business services, finance, marketing and IT. Given this, Service Network and its member companies are well placed to be in the vanguard of recovery.
But we shall have to look hard at business strategy, focus on productivity and efficiency and above all innovate with new products and services that respond to emerging market opportunities which the future will present.
Service Network is at the forefront of championing the region’s service industry, bringing together those like-minded businesses that understand the need to share experiences and resources to facilitate growth and increase competitiveness.
Collaboration and innovation are going to be the key drivers out of recession. With a strong and resilient services sector providing the knowledge assets needed for growth we can emerge bigger, wiser and stronger than ever.
Optimism and innovation are natural bedfellows. I believe that by supporting entrepreneurial innovation with business support and finance we can be among the first in the next generation of wealth creators. So be optimistic and go to it.
Dan Brophy is chairman of Service Network.
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