Britain’s ecomony & what that means for the interior design industry
Dr Vanessa Brady, OBE reviews Britain’s ecomony and what that means for the interior design industry.
In 2008, SMEs (small to medium enterprises) had an annual turnover of £1,500 billion. £6.1 billion of this is an increase on figures for 2007.
So what does that mean in terms of financing Britain’s economy?
More importantly, what does that mean to you and your business if you are trying to promote opportunities in the year ahead and obtain credit to develop such opportunities as they arise?
The construction and design industry in general is finding different ways to do business; we have created alternative methods to achieve this, but it take time to do something well. We have of course like all new enterprises researched our business opportunity well. The value is ultimately in the R&D – a capital cost – which is what eventually separates you from your competitors.
Recently I attended the property industry event of the year at the Dorchester Hotel with 500 leaders of commercial industry, the biggest investors, developers and construction companies in Britain.
Delegates were informed 33% of all enterprises are in London and South East. These two geographical areas are prime target areas for concentrated business investment opportunities.
The financial year ahead will be a challenge to all businesses. In researching the 10 sectors in which The Society of British Interior Design represents, we have developed a road map defining the most effective categories for development and growth – the areas The Society will concentrate in the year ahead. We have therefore forged partnering agreements within those sectors and stepped back from those that do not fit our strategic goal.
On 22nd October I was honoured to form part of 14 industry leaders on an initiative panel at the Bank of England to present views and conditions for industry sectors, to review the past six months and present consulted industry views of members and stakeholders for the six months ahead.
The aims and objectives of the initiative panel were to identify and present the financial risks of downturn on the design and construction industry sector. The consulted and collated views of the members of The Society of British Interior Design therefore have a powerful influence on how the industry sector is regarded.
With Christmas parties now in full flow, January will be a moment of truth for businesses that have hidden behind their spin to finally deliver on their claims, only the best will now survive. Next year will be a very interesting year for our profession: we come of age, if not at first, then at last!