Bank finance has generated significant interest during the past two years in the wake of the financial crisis. ‘Supporting UK Businesses’, published on 14 October by the Business Finance Taskforce in association with the British Banking Association (BBA), aims to address the concern that banks are not adequately supporting viable businesses.
Noel Quinn, Head of HSBC UK CMB said that the report, “Is a significant milestone for UK businesses and we fully support the recommendations. Our lending position has not materially changed during the past two years and, compared to many competitors, our strong balance sheet has meant we have remained open for business throughout the financial crisis. That said, it’s also important to recognise that we must do all we can to responsibly support businesses. These recommendations are therefore a further positive step for all UK businesses and will help under-pin the UK’s recovery.”
The Business Finance Taskforce includes representatives from six UK banks, government and a number of trade bodies. In July, the Taskforce agreed to review the support banks provide to small and medium sized businesses and ensure UK businesses have access to secure and sustainable sources of finance.
The report makes 17 recommendations, listed fully in the BBA summary and report, which focus on three key areas:
This is obviously positive news for the UK franchising industry and HSBC fully supports the implementation of the recommendations during 2011.
Additional information about the Business Finance Taskforce can be found at: www.bba.org.uk/taskforce.
British businesses are set for success, retaining the core qualities which drove our nation’s historical economic achievements and adapting them for the future. The Great British Business report finds that, as has happened following previous downturns, new business trends and ways of working are developing in post-recession Great Britain. It predicts that future success will be driven by thinking businesses, those that recapture the essence of British entrepreneurialism, and put innovation and adaptability at the heart of their company.
The report, from HSBC Commercial Banking and trends researchers The Next Big Thing, investigates how UK business has evolved over time and identifies what businesspeople of today and tomorrow can learn from history. It finds that the qualities current business leaders cite as central to historical British business success – including innovation (44%), the ability to trade internationally (33%), entrepreneurialism (33%) and adaptability (26%) – remain constant today.
The report identifies that successful UK companies will adopt and adapt core strengths and make them relevant to today and tomorrow. Indeed the 500 respondents questioned said that the two most important qualities for British companies going forward are the ability to innovate (51%) and adaptability (43%), with the report summarising that: “Tomorrow’s successful business person will actually need many of the same qualities that have made British business great in the past.”
Many of the qualities cited in the report are exactly those that franchisors are looking for in their franchisees, which may be one of the reasons the industry has remained robust during the recession.
Noel Quinn, HSBC head of commercial banking UK, said: “Our report shows that the qualities that have made the nation’s businesses successful in the past are the foundations for a great British business future. Britain has established a business heritage to be proud of and we are working closely with companies across the UK to continue this story going forward, helping businesses to make the most of opportunities to trade in domestic and international markets. So far this year we have helped an average of 2,600 businesses start up every week and we’re seeing a significant increase in export activity. We also recently launched Business Thinking 2010, an initiative to support and fund the UK’s most innovative and forward thinking companies.”
If you would like a copy of the report, please email HSBC Franchise Unit at email@example.com