Norfolk Business Awards: Investment is about people as well as finances
PUBLISHED: 10:24 28 August 2020 | UPDATED: 10:24 28 August 2020
The Norfolk Business Awards 2020 is officially open for entries! Matthew Goakes, regional commercial director at Lovell Partnerships Limited, tells us more about the Investing in Future Growth award.
Why have you chosen to support the Norfolk Business Awards?
As a business that values investing in our business and supporting our staff to achieve their maximum potential, this is a category very close to our hearts.
We have ambitious targets for internal promotions, apprenticeship and graduate positions and recognise that by investing in new technologies and bringing new people into our business we strengthen our company and contribute to a strong local economy.
Why is so important to keep investing in the future?
The best businesses are those that work with their communities, their staff, suppliers and customers to capture their ideas, listen to feedback and make investments in their business as a result to ensure it continues to grow as part of that community and not outside it.
A business that is constantly seeking to change and grow with regards to volume, expertise or culture is one that is likely to achieve the best results within its industry.
Do investment and growth go hand in hand?
Absolutely, as it evidences how a business is strategic in its approach to planning for growth by identifying where and how best to invest to achieve success.
Investment should not only be financial but should also consider support for staff wellbeing and skills to enable staff members to work most effectively; growing their skills as well as growing the business.
Is investment in staff just as important as financial investment?
Yes, if not more so. We will be looking for staff development to be at the centre of any entrant’s strategic business plans, and across all disciplines and levels within the business.
A team that is supported and valued can drive growth more effectively than financial investment alone, therefore investment in both is paramount to success, growth and most importantly sustained achievement.
What will you be looking for in the winner of your category?
The winner will be able to evidence active growth within their business alongside a robust business plan to sustain the increase in the business.
This should be combined with a commitment to invest and upskill their workforce with a fresh and innovative approach to improvements that will increase productivity and future-proof their business.
What advice would you give those who are considering entering?
An entrant should consider all aspects of their business that align to achieve their growth strategy.
They should consider how they will measure the specific impact of their improvements over and above general business growth, to ensure they have clear evidence of its success and long-term benefit.
Investing in Future Growth award criteria
Businesses can never stand still and this award celebrates the companies which are innovating in the present to guarantee a successful future. Judges will be looking for entrants that have combined innovation and commercial acumen to grow significantly, keeping the business one step ahead.
This award will showcase how businesses have grown both now and in the future through innovation and planned development, supported by strategic investment. This may, for example, have been achieved through investment, the implementation of a new strategy, the launch of a new product or service, or through a successful merger or acquisition.
The judges will be looking at how the development has been reflected in increased turnover and employment and, most importantly, in enhanced profitability.
They will also focus on sustainability and the long-term goals and strategy that have been put in place to maintain financial security and success.
To enter the Norfolk Business Awards visit www.norfolkbusinessawards.co.uk
If you value what this story gives you, please consider supporting the Eastern Daily Press. Click the link in the orange box above for details.