Partner Article

Tait Walker’s David Arthur talks sustainability

Chartered accountancy practice Tait Walker have launched a business advice blog for business owners and managers in the North East, available at www.businessadvicene.com. As a taste of forthcoming articles that will be featured via the blog, Tait Walker’s Matthew Higgins tells us why your exit must be planned at your entrance to business.

Tait Walker’s managing partner David Arthur joined the company in 1977 and has overseen all of the service line areas of the firm during his career to date. He currently heads up the newest department – forensic services – which has grown rapidly following its formation in 2006.

With 2012 marking Tait Walker’s 75th successful year in business, there is no one better placed to discuss the increasingly relevant topic of sustainability and looking to the future.

1. With Tait Walker celebrating its 75th anniversary in 2012, how important a role has sustainability played in the company’s overall business strategy?

Over the last 75 years the average business life cycle has undoubtedly shortened, but those businesses that have lasted all appear to have one main characteristic and that is having the flexibility to adapt to change and embrace new technologies and working practices. Here at Tait Walker I believe that we have been able to maintain that flexibility whilst we have been growing.

2. Can you identify key ways in which Tait Walker has adopted a sustainable approach over the years?

One of the reasons I joined Tait Walker back in 1977 was that the partners at the time had enough foresight to realise that in a professional services firm sustainability was all about smooth succession planning. They tried to create an age profile of the partners that ensured a balance of experience and youthful energy which is essential for a dynamic business environment. Over the years each partner is able to grow under the wing of experienced fellow partners until, like me, they become an experienced mentor.

3. Are there any North East companies which, in your opinion, have adopted a particularly sustainable approach to their business?

Sadly there are not too many North East firms that have been able to maintain their sustainability as they have grown and it is sad that we have so few large firms based in the region. However Greggs, Bellway and SAGE are great examples of what can be achieved with the right management approach.

4. What value would you put on Human Resources when it comes to creating a sustainable workforce?

Success in business is all about people and their development, starting with recruitment of the right individuals with the right attitude and cultural fit. Constant investment in training and development is also fundamental to long term sustainable business development.

5. What do you feel are the main barriers to the adoption of sustainable business models?

The main barrier is lack of vision on behalf of management. Often a successful business is too slow to adapt to changes that can be seen on the horizon and when they do realise that change is necessary it is too late and the moment is lost.

6. How, in your opinion can these be overcome?

Engendering a culture of learning, mentoring and constantly evaluating a long term business plan is essential to the creation of a sustainable business environment.

7. Tait Walker works with vast range of companies, a number of which are SME’s – what role do you feel smaller companies have in driving the shift towards increased sustainability?

The North East business economy is highly dependent on the energy, creativity and drive of the SME. There needs to be much better links between our excellent local universities and the SME community in order to tap into the talent pool that is created here in the region.

8. Have you any pearls of wisdom to share with new start ups with regards to ensuring they have longevity?

The main ones are:

- Recruit the right people – take the time to get this right

- Don’t be afraid to invest for the long term

- Ensure you get your capital structure correct at the start

- Be a good listener and leverage the experience you gain.

9. What would be your advice to any North East businesses currently in, or approaching, their 75th year in business?

Remember the world is changing; the online era is with us, so embrace the communication age. Blogs and other social media are the way to get your products and services promoted. Retailers slow to change are finding life difficult and we will see how many fail to survive as we head into 2012.

10. Looking ahead to 2012; what specific plans have Tait Walker made in the short term to continue furthering the success of the business?

We have recently recruited a new young tax partner as part of our long term succession plan and have recently joined a national (MHA) and International network (Morison International) in order to meet the growing national and international demands of the North East SME market.

11. And long term?

Long term, we always carry out a three and five year strategic review in order to ensure that we remain on course to deliver the holistic service that our SME clients require.

75 years is a big milestone – how will you be looking to mark this achievement at Tait Walker?

As you say, 75 years is quite an achievement and to mark the event we have formed a charity committee, tasked with raising £75,000 for North East charities so we can put a little something back into the North East community that has served us so well over the last 75 years.

Visit www.businessadvicene.com to find out more.

This was posted in Bdaily's Members' News section by Kirsty Ramsey .