Medium-Sized Businesses Urged To Be Flexible As They Look To Develop

Growing businesses have been urged by business experts to consider three key issues if they are going to meet their ambitions and expand.

Dave Munton, the regional managing partner of Grant Thornton’s Midlands operations, told a growth summit that company owners and directors need to ensure their organisations are agile, understand the client and recognise the importance of planning.

The Business Desk reports that Munton went on to explain that out of the three, being agile was a particularly key concern, explaining that shifts in business models had been seen in recent years which were likely to continue.

He added: “Stagnant domestic markets have forced many businesses to either look overseas or diversify into new sectors and being alert and flexible to take advantage of those opportunities is absolutely essential.”

Mr Munton’s comments have come after the Your Business Outlook 2014 survey by Baker Tilly suggested many small and medium-sized enterprises are reluctant to look to expand too quickly due to potential risks.

More than 95 per cent of those polled said they are in no rush to move forward.

Expert Opinion

We can only echo Mr Munton’s advice for businesses which are reviewing their position and look at the potential for expansion. <br/> <br/>"Being agile and understanding the client are vitally important, particularly in terms of ensuring a flexible approach which will guarantee that the specific needs of individual customers can be properly met. <br/> <br/>"Planning is also undoubtedly a massive issue, particularly in the current economic climate where opportunities are increasingly beginning to emerge for innovative and ambitious growing businesses. <br/> <br/>"Businesses of all sizes need to ensure they have the right support network, including legal expertise, in place to support them as they look to expand their interests." Fergal Dowling - Partner