Is your business Fit to Grow?

If you go to the gym, you’ll have noticed the New Year flurry of extra members is already dying down. But firms have no choice but to ensure they keep themselves fighting fit for the challenges the months ahead will throw at them. It all boils down to resilience. They can’t grow without it. But, as ever, that over-simplifies things.

For the last six weeks I’ve been scoping out one of the CBI’s headline projects for 2023 – Fit to Grow. I’ve read reports, spoken to internal and external stakeholders, and looked at many different areas of business resilience. And it’s clear that making your business Fit to Grow isn’t just one action your firm can take to ensure survival, or a “big bang” moment that sets you on the path to growth. It’s a bit like a slog at the gym… and then some.

Over the past five plus years, firms all over the UK, no matter what sector or size have had to deal with relentless uncertainty. We’re yet to see the back of it, as in 2023 we’re still facing persistent labour and skills shortages, startlingly high inflation and stalling growth. It leaves firms facing new, hardened realities.

Take energy prices for example. They’re high on the list of business concerns. While the CBI is calling for the government to further support the drive to a home-grown, secure, low-cost, and low-carbon energy system, firms can make better choices that will help them become Fit to Grow. As ever, there are some simple steps, such as adopting energy efficiency measures and exploring energy demand management options.

On labour shortages, our recent Employment Trends Survey highlighted just how much they stand in the way of growth for many firms. So business leaders have their ears open to any ideas they can adopt to counter the challenges. I know we already have great examples among our members at the CBI. Like the Plymouth-based manufacturer that has worked with a further education college to design a 10-week, pre-entry training course in carpentry skills, aimed at low skilled applicants. The aim of the course is to develop basic carpentry skills which will enable them to be taken on as apprentices in the workforce. It’s a notable example of resilience being a journey to business growth.

Sharing ideas, experiences and lessons learnt is the best way to deal with any uncertainty as they arise. Because resilience today is so much more than a tick-box exercise – it’s how a company enables itself to grow.

CBI’s Fit to Grow project will help our members understand the current business environment, giving them the practical steps they can take to respond, and sharing the business stories that inspire action. This project will be for members, led by members. We’ll have a Fit to Grow “sounding board” made up of representatives from a cross section of sectors, regions, and size firms, with expertise from across business – from HR directors and risk managers to supply chain and innovation leaders. If you have best practice to share or a story to tell or you’d like more information about Fit to Grow please get in touch, or speak to your CBI Account Manager.

Fit to Grow is a journey. Resilience isn't just about surviving, it's about thriving.