Bitter economic chill, but are there blue skies ahead?
As we approach the end of the first month of 2013 there has been a lot of negativity in the media – with the prospect of a triple-dip recession, well known brands such as Jessops, HMV and Blockbusters failing to cope with the changes in technology, and the snow causing havoc for businesses. It’s been rather tiresome watching endless reports from roadside TV crews telling us how bad the conditions are.
Have we heard all this negativity somewhere before? Well, yes we have. Cast your minds back to early Summer 2012 when we were told that the Olympics would be a disaster with transport chaos, security issues, problems with ticketing and lack of British success.
Last weekend, starved of my staple diet of Saturday afternoon National Hunt racing on Channel Four, I decided to watch a DVD of the 2012 Olympics. It really brought home to me what an amazing event it was and how the huge negatives were overcome to prove that it is possible to be successful, even when everyone tells you that you will fail! As Lord Coe said in his wonderful speech at the closing ceremony: “When our time came, Britain did it right”.
But why were the Olympics and Paralympics so successful, and how can businesses take inspiration in a difficult economic environment so that we too can look back in a few years and say “we did it right”?
It’s my opinion that the key drivers behind the success of London 2012 were leadership, organisation, planning, teamwork, public enthusiasm and a strong desire to make it work!
Sebastian Coe was a brilliant middle distance athlete and a double Olympic gold medal winner in 1980 and 1984. He was involved in the London bid from the start and took over as the chair of the bidding committee in 2004, playing a huge part in the successful bid in July 2005. Coe then became chairman of LOCOG and has shown himself to be an outstanding leader and was a major reason for the success of the Games. Every business needs leaders who are able to provide focus, motivation, inspiration and provide solutions to problems as well as a strong resolve to get things done. That’s something that my Board has considered closely this last year, prompted by my colleague Sarah’s participation in LEAD, the unique leadership development programme run by QuoLux.
Of course Coe could not do everything himself. He headed up a strong LOCOG team to make sure that the organisation was in place to execute the extensive plans. Construction of Olympic sites was based on redevelopment with an emphasis on sustainability. The major redevelopment was the Olympic Park built on a former industrial site in Stratford, although existing sites were also used. The construction programme came under the authority of the Olympic Delivery Authority and the success of two large organisations working together emphasises the need for having a clear vision and mission with succinct plans, clear milestones and regular reviews.
The final cost of the Olympics is estimated to be around £9 billion, which also emphasises that any strategies must be accurately budgeted and re-forecast. While it would be unlikely for most businesses to have a project of this scale, it does highlight the need to look at your business, consider areas where growth is likely to occur, and look at areas that are not so profitable. The recent collapse of the high street stores shows how they have been slow to react to change and their businesses have been severely damaged. It helps to have good financial direction to ensure that it is possible to achieve product and customer profitability, as well as the ability to regularly update profit and cashflow forecasts. This message has been at the heart of my career as a Financial Director, and one that I’m keen to share with other small businesses, which is why I have become an Associate Director of SouthWestfd.
The volunteers, police and military were a huge success displaying great enthusiasm and making sure that everything ran smoothly on the days of competition. The uniforms of the Games Makers became very iconic. These were the workers who made things happen; they were fully aware of what was expected of them and ‘lived’ the vision to make the Olympics a huge success. We can make sure that all our employees are motivated by taking an interest in them, letting them know what is expected of them and how we can help them to develop. Teamwork is a key component in making businesses successful, as well as delivering the vision for the future.
The huge public enthusiasm for the Games meant that sports not normally in the limelight were in the headlines. The success of our British competitors helped and also gave a tremendous feeling of national pride and optimism. Let us hope that there will be a lasting legacy for the Games and we can encourage more people to participate in sport.
So as the sun filters through the clouds at the end of a snowy week, are things as bad as the media would have us believe? Well, it is certainly a challenging time to be running a business. But if we can take inspiration and learn from the success of London 2012 and have a strong resolve to succeed, there is no reason why we cannot say in a few years: “we did it right”.
Colin Spencer
Chairman, Target PR
