Partner Article

Business encouraged to plan for Olympic opportunities

A lack of basic planning could mean some businesses will miss out on the economic boost potential created by London 2012.

Research published BT shows that nearly a third haven’t made preparations for the period, such as plans to deal with the expected dip in staff attendance.

Similar research into the economic outcomes of the Vancouver 2012 Winter Olympic Games found that nearly half of companies in and around the Canadian city felt they could have done more to capitalise on the event, or missed opportunities altogether.

The study surveyed 1,200 small, medium and large businesses nationwide, as well as public sector organisations, and found many were positive about the Games, despite tough economic conditions.

68% of respondents were expecting a peak in demand and nearly half anticipate a spike in sales, and a similar amount were hopeful about new international opportunities as a result; a third expect export or trade agreements to continue following the Games.

Some negative aspects were identified as knock-on effects such as supply chain disruption, higher hotel costs, staff attendance and productivity were noted as concerns.

Colin Hansen, the former British Columbia Minister responsible for the Vancouver 2010 Winter Olympic Games, said: “British companies are right to be optimistic because the Olympics had a huge economic benefit in Vancouver and across Canada as a whole.

“But the scale of the event was much bigger than anybody expected and many companies just weren’t geared up for how big the opportunity would be.

“Nobody in the UK should expect next summer to be business as usual, but with the right plans in place, such as flexible working, every business, large or small, can take advantage of the occasion and seize the long-term economic benefits.”

Baroness Jo Valentine, CEO of London First encouraged businesses to talk with their suppliers and customers to gear themselves up.

Jeff Kelly, CEO of BT Global Services said: “Despite the tough economic climate, we can tell from our own customers that London 2012 presents both challenges and opportunities for public and private sector organisations.

“But success or failure depends on how ready they are. There’s still time to get plans in place, but with less than seven months to go, we do urge all organisations to begin preparations now or miss out on the economic benefits.”

This was posted in Bdaily's Members' News section by Tom Keighley .