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November 10, 2010
Today, I want to ask for your help and your opinion.
The reason is that I have been invited to participate in a private roundtable discussion to inform and scope a new joint project, initiated by a leading UK think tank and a Big Four professional service firm, on ‘Good Growth’. There are a set of three roundtables over the course of the next couple of weeks and I will be at one on Thursday 18 November 2010.
The aim of the roundtables is to explore, in the aftermath of the recession and recent budget cuts, how to create financially, socially and environmentally sustainable growth in the UK.
These ‘scoping’ roundtables, involving senior representatives from government, business and the press, are there to provide early stage input into the project and discuss key issues that need to be considered in the coming months.
The aim is to develop an understanding of what business and the public want a sustainable UK plc to look like.
Key questions that will be addressed are:
- What is the best way for the UK to ‘grow’ its wealth and maintain its position in the world?
- What are the gaps in current economic policy thinking? Are there macroeconomic lessons from the recent crisis? To what extent was the growth that we saw in the run up to 2009 ‘good’?
- What matters in economic policy: GDP? Competitiveness? Jobs? Productivity? Happiness? Wellbeing? Sustainability? Empowerment? A sense of collective endeavour? Equity?
- Do we care about the structure of the economy – state vs consumer vs business vs exports? Or manufacturing vs (financial) services?
- Should we explore whether an economy can increase its competitiveness by working ‘smarter’, not harder? Does it matter if a firm is good to work for?
- How do we structure the conversation with the public about the type of economy they want to see? And with business?
I have thoughts about many of these areas but wanted to ask for your help in providing some input that I can forward with me into the meeting.
What do you think is ‘good’ growth? What does that mean for small business, large business, for entrepreneurs, for freelancers, for home-workers, for the unemployed, for young people…..for you?
Thanks to eocs for the image.
20 Comments
Many, many issues……… I’ll start with the top level mindset: we are already moving away from the crippling Statism of Labour. But we mustn’t allow ourselves, through an underdefined “Enterprise culture” set our stall out, literally and metaphorically, to be a national of consultants and small traders. We need to massively up the extent to which we develop value-added products and services and sell them overseas. If you like, I’m calling for a Campaing for a Real Economy!
Hi Malcolm,
Thank you so much for your contribution. I agree that mindset and external trading opportunities will be key to growth but also think we cannot ignore the huge impact that small and micro businesses can, do and will have on the employment and growth prospects of the economy. Do you not think that there is a huge amount of value that could come from the SME sector but that there is a preponderance of focus on FTSE plcs at the highest level?
Adrian
I think it depends on the definition of good really.
When it comes to young people, they need to see (from businesses and Entrepreneurs) is that this time of trouble is actually a great time to do well in business. They need to see that the skills that can make them great now will help them to grow great businesses.
Sadly a lot of young people are only hearing how bad things are for business right now, and really that isn’t the whole truth. I know business people who are doing unbelievably well right now and have been for a few years despite of the recession.
Hi Ben,
You are absolutely right that we need to be clear what it is what we mean by ‘good’.
I also think that we need to recognise that it will be young people that will be, in large part, the source of innovation and creativity that is central to growth. Given your experience with young people what do you think we should be doing to develop the skills that you talk about and promote the great and successful stories that you mentioned?
Adrian
Getting in to schools and getting in front of kids. Help raise awareness of enterprise and the skill sets that come with being successful at business.
Many young people don’t see their own businesses as a viable option for their future. Getting into schools and working with kids will help this
Ben,
That’s great advice and I’ll definitely carry the idea that we should be investing in the young enterprise generation to develop the awareness and skills needed to build business success. We forget this and it puts all of our futures at risk.
Adrian
RT @adrianswinscoe: What is Good Growth? #sme http://bit.ly/bQUg1F
What is Good Growth? #sme http://bit.ly/ddgrSU
RT @adrianswinscoe: What is Good Growth? #sme http://bit.ly/bQUg1F
RT @adrianswinscoe: What is Good Growth? #sme http://bit.ly/bQUg1F
First off Adrian, congratulations on being asked to take part.
IMO, good growth is around 2 things: 1) job creation 2) exports. The rest such as a great place to work (important) are ancillary factors. In my experience it’s a much better place to be working in somewhere that is growing and successful than somewhere which is struggling.
Happy to discuss further anytime. Matthew
Hi Matthew,
Thank you for your comment and input. Agree that the focus needs to be on jobs and new income creation.
Don’t you think there may be a potential catch 22 situation that could exist where if you don’t have a great place to work you are not likely to be successful and if you are not successful and growing then you are less likely to be able to create a great place to work?
Adrian
RT @adrianswinscoe: What is Good Growth? #sme http://bit.ly/bQUg1F
Hi Adrian, yes that’s very true. Personally I think it’s difficult to create a great place to work when sales are falling and people are being laid off. I think the last thing that should be cut is employee benefits or welfare. However, I personally think that rewards should be re focused around contribution and performance. Recognising individual contribution as well as the team outcomes.
Fundamentally communication from the leadership team should be increased and an open and honest discussion take place (2-way).
Whilst these elements may be a feature of ‘The Good To Great’ businesses, I personally think it is difficult for it to be a great place to work when times are hard. I guess it depends on the definition of great place to work…
Hi Matthew,
I agree that it is going to be hard to create a great place to work when times are hard but you rightly point out that open, honest and two-way communication is an essential element if you are to create a team that is ready to fight and turn things around.
Too often do bosses ‘batten down the hatches’ and go into a ‘shell’ when times are tough. This is the complete opposite behaviour and leadership that the business and the team need in hard times. Time for business leaders to start showing up all of the time if we are to compete and grow, don’t you think?
Adrian
What is Good Growth? #sme http://ow.ly/36IVd
I am just wondering why growth is always about wealth and the economy as defined by goverment/agencies. Shouldn’t “healthy growth” be about the impact of work/business/economy on quality of life for individuals, communities and the wider society.
It seems we are always striving for growth no matter what the cost. I wonder what would happen if suddenly growth, the economy and business were measured on quality of life, impact on family life and relationships, how safe our communties are, personal freedom, health, strong communties etc.
I guess the question is are we focssing on the right sort of growth to enhance life in real terms?
We constantly strive for growth yet stress, social problems, family breakdowns are all at record levels.
Idealistic? Maybe. But it seems to me that the obsession with economic growth being focussed on wealth has created a classic case of the tail wagging the dog.
Hi Ali,
You make a great point and touch on something which is an area for huge debate that of ‘Is GDP a good way to measure growth?’
I think that you might be idealistic but think that is also a good thing as it pushes to think of new ways to do things as we are facing serious changes.
I hope that in these roundtables I can raise the issue that we are in danger of the tail wagging the dog and hopefully raise consciousness of other ways that we need to be thinking about growth.
Thank you for sharing your ideas and I will let you know how things go at the upcoming meeting.
Best wishes,
Adrian
Terrific post. I like your blog site, If possible update it more frequently.
Nice Post!!!