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Mid-sized firms urged to work with business schools

Medium-sized companies need to do more to work with business schools, according to an independent report commissioned by the Government.

The Business Schools Task Force report found that growth in the UK is being held back by a lack of engagement between schools and mid-sized firms, which Business Minister Michael Fallon called the “muscles” of the economy.

Recommendations were made to improve the relationship between businesses and the 10,000 medium firms in the UK to generate growth, create educational courses that are useful to local companies, and improve management within organisations.

Michael Fallon commented on the report at the Institute of Directors yearly dinner: “The UK’s 10,000 mid-sized firms are the muscles powering our economy, but we must make sure that those muscles are trained and working at the top of their game. This report spells out the practical measures that must happen to make sure of success.”

Business schools will be urged to directly target medium-sized companies with taster sessions, and will also be encouraged to design courses to correspond with business needs in the local area.

The task force also advised schools to promote career paths within medium-sized organisations to their students, whereas businesses will be asked to work with educational centres to examine their own management systems.

Mid-sized firms will also be encouraged to involve themselves in the advisory and management boards of business schools to provide a voice for local companies.

Mr Fallon went on: “Our firms will miss out if they do not invest in their people and see what their local business school has to offer.

“Companies and business schools should look closely at the report’s recommendations so they can realise their growth potential.”

Paul Marshall, Chief Executive of the Association of Business schools said: “Autonomy and competition coupled with sustained government investment has created an environment in which the UK’s business schools have thrived.

“Our challenge now is to sustain and grow our Schools within a world dramatically altered by new economic circumstances.”

The Business Schools Task Force was set up to look at how improvements could be made to strengthen links between schools and local firms to support the economy and improve management within companies.

CBI and the Institute of Family business welcomed the report, which was commissioned by the Government as part of the growth review for mid-sized companies.

Head of Enterprise at CBI, Emma Wild, said: “At the moment too many MSBs are unaware of or unconvinced by business school collaboration, so the practical ideas in this report should help persuade them of the value of engagement;­ for example, the availability of ‘mini-MBAs’, a tailored version of executive programmes to support firms who may not have the time or financial resources for traditional MBA courses.

“CBI research shows that growing MSBs could add £20bn to the UK economy by 2020. Strong leadership capabilities and access to top talent will be a key part of ensuring MSBs fulfil their potential.”

Mark Hasting, Director General of the IFB, says: “Many of our members demonstrate a clear demand for more Family Business focused training which is not currently being fully met by UK Business schools.

“The report presents a tremendous opportunity for business schools to work more closely with family firms and we look forward to supporting the development of these new relationships.”

Professor Mark Taylor, Dean of Warwick Business School, commented: “We already have considerable involvement with SME local firms, but we know in these challenging times we must do more.

“We are actively looking to set up more links and help the local economy with our research and the work of 195 faculty we have working at WBS.

“There is a great opportunity for Business Schools to see their research genuinely drive the economy and we are excited by the chance the Task Force’s report offers to work closer with medium-sized firms.”

This was posted in Bdaily's Members' News section by Miranda Dobson .