Upon the publication of our second Business Resilience Survey, I would like to reflect on the findings and examine the relationship between company culture and business success.
I was interested to read in the report that the UK has the greatest entrepreneurial spirit, followed by Australia, Belgium and Spain. Those surveyed put emphasis on the role of technology as a means for success, and entrepreneurs who utilise social media as a tool to develop customer loyalty anticipate an improved business situation next year. It is evident that technology continues to create new paths for businesses and that entrepreneurialism has thrived as a result.
Whilst entrepreneurs have made the most of this so-called ‘digital revolution’, the associated risks can, and have, been felt by larger corporations such as banks and telecom organisations. The increase in cybercrime gives an interesting perspective on technology and highlights that, while we should embrace the benefits of technology, it is not without its risks.
The report attributes ‘entrepreneurial spirit’ as the cause of high and accelerated growth predictions in the UK and Netherlands. It also discovered that the country with the highest projected GDP growth for 2015-16 is Spain. Having suffered badly in the economic crisis, it is excellent to see the recovery which Spain is making, and similarly, that it has had the highest improvement rate in company culture.
The report attributes several countries’ levels of growth to the mentality of business leaders and their proactivity. It found that leaders who were more risk-friendly, and open to new methods of process, were more successful than those who were more cautious. The UK scored particularly highly, proving to be one of the most risk-friendly countries.
Through my role, I frequently travel to visit our member firms around the world, which has given me the opportunity to experience different markets and business approaches first-hand. At RSM, we place great importance on understanding the business cultures of the countries in which we work so that we can develop a clearer picture of the needs of our clients. Though, while certain cultural elements can be attributed to a country’s prosperity, it is not an all-encompassing formula and we understand that markets, attitudes and geopolitical situations, also have great influence over a country’s growth prospects.
Perhaps what is most telling from this report is the need for an open and entrepreneurial mind in order to gain the most from the environment in which you operate in. We hope that this is something other companies will take from the survey and it is something which I will certainly bear in mind myself.