Western Thermal Group Chairman Suresh M. Lodha: Business advancements within Europe
Identifying a strong business opportunity requires in-depth understanding of what is currently happening in the world, including market movements as well as making the move when the time is right. If you haven’t done your homework, you are unlikely to properly recognise such an opportunity, the investment could fail and result in both economic damage and personal as it could discourage you – and others – from investing in the future and missing out on something which could bring back huge benefits. Whether you are an established company with a good reputation and a strong foothold in your industry or a budding entrepreneur trying to get your foot in the door, it is important to get the right investment and to do all that you can to ensure you leverage the opportunities for growth for your business.
Today, there are a number of growth opportunities for businesses in all industries which can provide that perfect chance for investment and a more prosperous future as a result. As Europe enjoys its best growth since the 2008 financial crash, the continent is a hub for growth and investment and for a company to succeed, needs to have the acumen to do so or risk being left behind.
With this in mind, it is important to understand which growth opportunities are currently out there in the European market and how businesses can take advantage of these when the right investment opportunity comes along.
Advancements in technology – Shaping businesses today
Technology continues to shape our everyday lives and will continue to enhance the way we operate our businesses today. Whether in construction, where technology such as management software and solutions are becoming increasingly integrated or green technology to ensure environmental sustainability or developments in cloud technology, the technological advancements made in recent years have helped open up new ways of thinking and doing. For businesses in the UK, technology provides a more efficient, faster and cheaper alternative to the more traditional methods and is very much important to consider when looking to move a company forward.
Technology has proven to be vital particularly in times of economic crisis. It is this strength and consistency which makes it important for companies to have in order to get through difficulties.
In taking advantage of technology, companies will have a lot more to offer investors whether it is products or means of doing business, this could prove pivotal in a decision on whether is investment should be made. The rise of Artificial Intelligence and machine learning should be considered in this due to its growing influence and ability to augment the user’s workflow.
The digitisation of business
There is no doubt that we are continuing to move towards a digital economy. Although the news agenda is currently dominated by physical border issues such as immigration and trade, the digital platform allows businesses to go beyond such political and social domains. Europe is certainly no exception to this with the Digital Single Market (DSM). The DSM is the free movement of persons, services and capital where individuals, consumer and businesses can freely access and engage in online activities under conditions of fair competition and data protection. From a business perspective this opens up a new world of business opportunities particularly with untapped markets that may have been geographically out of reach. The DSM can also help create new jobs and also be a more cost-effective way of running a business. As more businesses turn to this method it will be important to take advantage of its popularity and with the European Union operating with a single law for trading across the bloc it is a much easier method which will set companies in good stead for growth and investment.
The Skilled Workforce
Of course, with the advancements in technology comes the need for the advancements in the skills of workers to operate this technology. With technology and data becoming increasingly integral to the operation of businesses, the digitisation of businesses has evolved the way we train staff and the skillset businesses look for. The availability of a skilled workforce is critical for the decision of investors to open and/or expand their existing business. Businesses have made significant advancements in the training of their workforce over recent years, highlighting how technological developments have shaped the way we do business.
Brexit as an opportunity for businesses to further scale investments
Despite the fear and uncertainty which has hung over industries like a black cloud following the aftermath of the Brexit results in 2016, many companies in the UK continue to perform strongly and thus, remain a very good investment opportunity. As Brexit appears to have provided a platform for opportunity and prosperity regardless of what the final outcome will be this coming March, many industries will be seen as the ‘go-to’ from consumers as they look to get the best for their buck.
Also, following the expected short-term economic downturn post-Brexit, entrepreneurs and small business owners exploit this period as an opportunity as they are much freer and more flexible. Therefore, this means that by having a more open approach, businesses both in the UK and abroad should show they are welcoming in what is expected to be a difficult period. Alongside this, as many industries have remained strong performers during similar economically challenging times, it means that investors will still have a very good chance of maximising profit potential which emphasises the UK post-Brexit will provide many with a unique opportunity like never before.
Mr Suresh M Lodha is one of India’s formidable business figures and is accredited with scaling businesses for sustained growth. He is the Chairman of the British Engineering company Western Thermal Group, a leading specialist engineer in thermal & acoustic insulation, ventilation ductwork, trace heating, and fire stopping. Western Thermal has been operating at the pinnacle of the industry for over 30 years offering high quality engineering work from supply to execution.
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