Why it’s still important to be going for growth

With crisis after crisis hitting many businesses – and politics continuing to dominate – firms might find it hard to think about growth, let alone act on it. But what can you be doing now that lays the groundwork for the long-term opportunities both for the economy and your business – so that you, your people, and your communities can thrive?

It may feel like growth has taken a backseat as everyone focuses on short-term economic stability. It’s important we get that stability because we can’t have growth without it. But we also can’t afford to lose sight of the long-term picture. We need to start putting concrete plans in place so we can get back to going for growth in 2023.

How we do it, how business can drive it and how you can make the most of the opportunities that are still in play – despite the current uncertainties – will be important topics of conversation at our Annual Conference in November.

We’ll also try to break down as many of the steps that you can still be taking – where action is definitely needed – which will help unlock some of the long-term benefits you can pursue.

We asked a few of our speakers for a heads-up on the kind of advice they’ll be giving:

Be agile in your leadership to manage immediate challenges

You’ve done it throughout the pandemic, you can do it again, says Accenture’s Simon Eaves. Embracing change has always been crucial to growth. Leaders that can be brave and agile in adapting to continued uncertainty will be the ones that come out on top.

And sharing industry insight and understanding what new technology can do for you will help people do more, faster.

“A fresh bout of turbulence is causing business leaders to turn to transformative technologies to boost growth. While cost pressures are severe, the resilience that businesses showed during Covid-19 is a bedrock for building confidence back into the economy – we know that British businesses can adapt in tough times,” says  Eaves.

Focus on people

What feels unusual in the current economic climate is that there are still many unfilled roles across the UK. So, as Simon Winfield from recruitment firm Hays says, employers can’t afford to ignore their attraction and retention strategies. And hiring people that are willing to upskill to fulfil roles can power up the search for talent.

“Building towards long-term opportunity means investing in your people now by prioritising career development opportunities and wellbeing, recruiting diverse talent and giving back to the communities you work among,” says Winfield. That starts with having a very clear vision for the future, he adds.

Employee wellbeing is vital in times of uncertainty. Add the external environment to typical pressures of the workplace and it can pile up stress and lead to burnout. You can find out advice on how to support your employee’s mental wellbeing on our website – and it’s another hot topic that will be discussed at the Annual Conference.

Get set for net zero now

“While it may be tempting to rip up sustainability plans, the energy crisis has only cranked up the dial for why we need to become more sustainable,” says Accenture’s Eaves.

If the UK is going to realise its ambitions of net zero carbon emissions by 2050, firms need to keep moving forward with their decarbonisation strategies. But far from being a hindrance, firms that view this as a generational opportunity to spearhead sustainable growth and adapt fastest will be the ones to reap the rewards.

“Think of net zero not just as a target but as an organising principle,” says Shell’s David Bunch. “Setting the date is straightforward. The bigger challenge is establishing really clear priorities, communicating them clearly and ensuring time is invested to engage and inspire employees, customers and stakeholders. This way the decarbonisation of your organisation is phased and managed, almost like a north star for employees to get behind, rather than a looming deadline. That work should start now – if it hasn’t already.”

For more information on kickstarting your decarbonisation plans, the CBI’s toolkit can give you the lowdown on what you need to know to reap the rewards of getting ahead in the race to zero.

Be bold and brave on innovation

New technologies and new ways of doing things also have the potential to streamline efficiency, increase sustainability, and unlock long-term growth. “Many organisations have already taken steps to reinvent their entire business, at a pace we haven’t seen before, to achieve the twin goals of better technology and sustainability,” says Accenture’s Eaves. Rebooting your business around digital capabilities and committing to using AI and data across your whole organisation will fuel change, as well as boost resilience and agility, he adds.

To learn more from our line-up of industry and political experts about how your business can unlock its potential for growth book now for your place at the CBI Annual Conference 2022.