As is common at this time of year, we become reflective, and look to see where we are and where we need to be. It's a time to make plans and consider how we can do things better in future.
Much has been made of the joined-up way in which businesses across the North East engage in various ways of collaborating to improve their own prospects, and to work toward securing the region’s overall resilience.
Businesses networking and forming relationships to learn from (and benefit from) each other is by no means anything new; we can trace the origins back to the medieval guilds, or look at our own Chamber of Commerce’s 200 year history.
20 or so years ago, before the Regional Development Agency and NELEP we already spoke of a major selling point of the region (to potential foreign direct investment) that there was a genuine will to work together, and a great variety of business networks and clusters.
However, for the region to thrive and have its voice heard nationally, we must remain together as a strong voice for the North East
William Baker Baker, Brewin DolphinMore recently, I’d say that was just a glimpse of what was to come. There seems now to be an even greater need for joined-up approaches to economic regeneration, social inclusion and growth-inducing business practices to help navigate the myriad issues of the current economic ambiguities.
When businesses of all types consider the challenges and opportunities they face, finding someone to work closely with is a common method to add value, and in the North East, management teams do seem more open than elsewhere to the idea of helping each other.
Company representatives often come together (either on an ad-hoc basis or through a membership organisation) to share their experiences and just to have a chat. Often it can be based on potential sales, referrals, problem solving, or simply to provide an altruistic opportunity for someone else to succeed.
This spirit of cooperation underpins much of Brewin Dolphin’s activity within the business community. The firm has a longstanding relationship with the NEECC as sponsor of the President’s Club, and is a corporate member of the Entrepreneurs Forum, the CBI, and others.
Although still pursuing what would be considered natural relationships (with accountants and lawyers), Brewin Dolphin is planning to engage with the blossoming Digital and Creative sector, and a number of other industry sectors where growth potential is high, and there is the feeling that financial planning and wealth management services would genuinely make a real difference to the owners and directors of these companies.
When it comes down to it, everyone has a different skill set and if there are ways in which all of these can be pulled together to allow people to better concentrate on their business priorities, or work toward some strategic objective, it really makes sense to do it.
Regional businesses are more demanding now than ever in terms of getting value from business networking activity and collaboration. That’s in part because of the amount of time spent in the marketplace delivering a region open for business’ message and because of the need to remain competitive in a world rapidly changing through technological advancement and external factors such as Brexit and global uncertainty. When the correct road to take isn’t clear, it’s good to at least have friends around for support.
A cursory look at the top companies in the North East will doubtless reveal companies that excel in understanding other sectors, technical knowledge, people and relationship skills, and, reinforcing it all, a mindset for partnership.
Competition is important of course. It is what stimulates innovation in products, services and business models. However, for the region to thrive and have its voice heard nationally, we must remain together as a strong voice for the North East and continue our excellent record of joint working with others.
