Hold on tight and look further afield, says Lord Davies

Speaking to entrepreneurs and owner-managers in Cardiff last night, trade minister Lord Davies of Abersoch urged businesses to expand their ambitions.

At the Leaders’ Forum, a group set up by Wales Management Council to promote better business leadership in Wales, Lord Davies said that small companies must exploit the opportunities that exist to build markets across the UK and, if possible, further afield.

This seems to echo the mood of most entrepreneurs, who are increasingly exporting their products, and intend to do so even more this year.

Indeed, a recent survey by Investec Specialist Private Bank revealed that 28 per cent of UK entrepreneurs intend on increasing exports “slightly” this year, while 18 per cent expect to increase exports “significantly”.

Lord Davies added that small firms generally needed to capitalise more fully on the ideas and talents that Britain undoubtedly possesses, for example by encouraging greater commercialisation of new ideas coming out of universities.

The trade minister was speaking at an event marking the re-launch of Wales Management Council, which aims to step up the drive for improved management and leadership in all sectors of the Welsh economy.

Ian Rees, chairman of Wales Management Council told the forum that building “excellent managerial and leadership skills” would make a “major difference to the development and future success of small Welsh businesses”.

“Successive Gallup polls show that organisations with highly-engaged employees grow 2.6 times faster than those with below-average engagement, and achieve consistent profit increases,” he said.

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