28th March 2008
SMEs 'failing to seize Olympic opportunities'
Small and medium-sized firms are particularly unprepared to take advantage of the financial benefits offered by the 2012 Olympics, a new report has found.
Research from Lloyds TSB estimates that while there is a possible £21bn in commercial opportunities up for grabs, almost three-quarters of British businesses had not even looked into how they might benefit.
When it came to SMEs the figure was even higher, with eight out of 10 failing to take any action, compared with 58% of larger businesses. Even more surprisingly, two-thirds of the hotel and catering firms surveyed had not yet considered how they might capitalise on the London Games.
The report, which surveyed 800 companies, found that one in five felt their business was too small to compete, despite the fact that SMEs have so far won the majority of contracts put out for tender.
Lloyds TSB spokesperson Truett Tate said that businesses needed to act now to get a slice of the action. Quoted in the Financial Times, he said: "Regardless of industry or location, the London 2012 Games provide a golden opportunity for businesses to expand, diversify and reach new audiences."
The bank has launched an official business guide to show companies how they might capitalise on the Games. In January, the London Organising Committee launched the CompeteFor website, where Games-related contract opportunities are published.
Research from Lloyds TSB estimates that while there is a possible £21bn in commercial opportunities up for grabs, almost three-quarters of British businesses had not even looked into how they might benefit.
When it came to SMEs the figure was even higher, with eight out of 10 failing to take any action, compared with 58% of larger businesses. Even more surprisingly, two-thirds of the hotel and catering firms surveyed had not yet considered how they might capitalise on the London Games.
The report, which surveyed 800 companies, found that one in five felt their business was too small to compete, despite the fact that SMEs have so far won the majority of contracts put out for tender.
Lloyds TSB spokesperson Truett Tate said that businesses needed to act now to get a slice of the action. Quoted in the Financial Times, he said: "Regardless of industry or location, the London 2012 Games provide a golden opportunity for businesses to expand, diversify and reach new audiences."
The bank has launched an official business guide to show companies how they might capitalise on the Games. In January, the London Organising Committee launched the CompeteFor website, where Games-related contract opportunities are published.
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