Business News

The Chancellor’s announcement of a new package of support for skills and productivity is an endorsement of pressure applied by the West Midlands business community.

That was the verdict after Phillip Hammond announced at the Conservative Party conference in Birmingham that the annual apprenticeship levy transfer facility will rise from 10 to 25 per cent.

Mr Hammond also said that he would consult with businesses about further changes to the levy from 2020, following the slow take up and employer criticisms.

He also announced that the government’s recent productivity review, to which the Greater Birmingham Chambers of Commerce (GBCC) contributed, found a management skills challenge in the UK’s small business community.

In order to address this, £20 million will be invested in networks to enable small businesses to learn from each other and from world leading firms. Over 100 mentors from companies, such as GSK, Amazon, KPMG and Siemens, have already signed up to offer their management expertise.

A further £11 million will pay for a management-skills training programme, anticipated to help 2,000 businesses in its first year, with an ambition to train 10,000 people a year by 2025.

Paul Faulkner (pictured), chief executive of the GBCC, said: “We have repeatedly called on stakeholders to increase the flexibility of the apprenticeship levy. The measures announced today, particularly around increasing levy transfers, are a positive indication that the voice of the business community is being heard.

“It is our hope that by allowing large businesses to transfer up to 25 per cent of unused levy funds –-as opposed to 10 per cent currently - more SMEs will be able to access high quality apprenticeships and close persistent skills gaps, which are particularly prevalent in parts of the West Midlands.

“However, as the government and the West Midlands Combined Authority work towards targets of higher apprenticeship-starts, it is crucial that quality is prioritised over quantity, and that all communities feel equipped to access such opportunities.”

On the outcomes of the productivity review, Mr Faulkner said: “The GBCC contributed a detailed response to the government’s productivity review earlier this year. This response was based on data from our annual Growth Through People campaign which, since its launch in 2017, has similarly aimed to boost productivity through improving leadership and management skills.

“Growth Through People has been a hugely successful campaign, with over 450 delegates from businesses across Greater Birmingham attending 17 events earlier this year and an ‘excellent’ net promoter score of 64.

“In 2019 the campaign is set to be bigger and better, with a significant increase in the bespoke digital content from business leaders and experts accompanying the free events series.

“We very much welcome the government to join us at the 2019 Growth Through People campaign, beginning in February next year, and experience its impact first-hand.”

A leading marketing expert will share his insights on what makes a brand stand-out from the competition at a University of Wolverhampton lecture.

Professor Malcolm McDonald will visit the University on Wednesday, 10 October 2018 to present the annual Chartered Institute of Marketing (CIM) lecture.

The talk, titled Creating Market Leading Value Propositions, will take place in room MH002 in the Mary Seacole Building at the Wolverhampton City Campus at 6pm. There will be refreshments in the Lord Swraj Building Forum café from 5.30pm.

Professor McDonald has written over 40 marketing books and his best-selling 'Marketing Plans' has sold over half a million copies worldwide.

Professor McDonald works with the operating boards of the world’s biggest multinational companies such as IBM, Xerox and BP. He is an Emeritus Professor at Cranfield and a Visiting Professor at Henley, Warwick, Aston and Bradford Business Schools.

Organiser Dr Roy Broad, Lecturer in Marketing, said: “We are delighted to welcome Professor Malcolm McDonald to present our lecture this year. Malcolm is arguably one of the UK's most eminent authorities on marketing strategy and his lecture will no doubt be interesting, engaging and insightful.”

The lecture is open to invited guests, students, staff and members of the CIM and the event will finish at 8pm.

Business leaders in Greater Birmingham today urged transport secretary Chris Grayling to ignore calls for HS2 to be scrapped and reiterate the government’s commitment to the project.

Business secretary Greg Clark said scrapping the link between London, the Midlands and the North of England would be “entirely the wrong approach” after former foreign secretary Boris Johnson said that instead the UK should build a bridge to Ireland and put HS2 on hold to focus on a high-speed link in the North of England.

Phase 1 of the railway between London and Birmingham was approved 18 months ago and will open in December 2026. Phase 2 is expected to launch in two separate stages. Phase 2a from the West Midlands to Crewe will begin in 2027 followed by Phase 2b from Crewe to Manchester and Birmingham to Leeds in 2033.

Paul Faulkner (pictured), chief executive of Greater Birmingham Chambers of Commerce, said: “In a time of great political and economic uncertainty, the last thing we need are headline-grabbing articles calling for HS2 to be scrapped.

“In particular, Phase 2 is the real game-changer for our region. Connecting Birmingham to eight of the UK’s 10 largest cities will offer our businesses the chance to explore and expand into new domestic and international markets along with improving connectivity across the country which will provide a real shot in the arm to productivity levels in the West Midlands and beyond.

“We are often told that building infrastructure fit for the 21^st century is the key to unleashing the vast economic potential that exists locally so we are urging Mr Grayling to not waste this chance and use this year’s Conservative Conference in Birmingham to reiterate the Government’s support for the project – the country’s future prosperity rests upon it.”

The £7 million construction of a range of industrial and warehouse units is set to bring 165 jobs to the City of Wolverhampton.

The development of six units at Steelpark Trading Estate, at Steelpark Way and Bearing Drive, in Wednesfield, is close to being completed. All six units are either sold, let or under offer.

They have been developed by commercial property company Goold Estates and provide around 70,000 sq ft of industrial/warehouse space.

Businesses set to move into the new units include the likes of Kinetrol Powerite and CS Labels.

The news comes during the City of Wolverhampton’s Business Programme, with the flagship event – the Business Breakfast – taking place opposite Steelpark, at GTG Training and Conference Centre, tomorrow (Thursday).

Councillor John Reynolds, City of Wolverhampton Council Cabinet Member for City Economy, said: “There is £3.7 billion of investment on site or in the pipeline in the City of Wolverhampton and this is another boost for our regeneration plans.

“The Steelpark Trading Estate development has brought back to life a site that has been redundant for many years, while at the same time protecting wildlife in the area. It shows there is confidence in investing in the City of Wolverhampton - and most importantly it will deliver around 165 jobs.”

Dominic Goold, Managing Director of Goold Estates, said: “Steelpark has been a resounding success. The site had been vacant and available for development for many years. We acquired it just two years ago and quickly secured planning consent from the City of Wolverhampton Council, along with funding from Finance Birmingham.

“From the moment we started on site, it proved to be extremely popular with businesses looking to buy or lease high quality units in what is an excellent location. Now, all of the six units – which were built speculatively because we were confident of a strong demand in the market - are sold, let or under offer.

“Four of the business are new to Wolverhampton, while two have expanded in addition to their existing operations. They have created around 165 jobs for local people at the development, which represents a £7 million investment in Wolverhampton – a huge vote of confidence in the city as a place to do business.”

Finance Birmingham arranged speculative development finance to help fund the project through the West Midlands Combined Authority Collective Investment Fund CIF. This fund aims to accelerate economic regeneration, assisting developers and land owners to bring forward schemes such as Steelpark.

The Fourth Industrial Revolution has opened unparalleled opportunities for the world economy, as technological and digital innovations make a profound impact on daily life.

But Industry 4.0 also unfolds during turbulent times, facing key persistent challenges such as rising debts, rising energy costs, slowing growth and the on-going trade war.

Countries not only need to combat these challenges, but also urgently need to develop their digital capacities to boost trade competitiveness in this new context.

The 2018 UNCTAD Report on Trade and Development, titled ‘Power, Platforms and the Free Trade Delusion’, examines these challenges, including the implications of the on-going trade war for the global economy, as a whole as well as in different countries/regions.

These issues have significant implications for Commonwealth countries, especially small states, as digital connectivity plays an increasing critical role in meeting sustainable development, trade and employment goals.

Key findings can provide a way forward for developing countries in the digital era.

Key speakers:

• Dr. Richard Kozul-Wright, Director - Division on Globalization and Development Strategies, UNCTAD (lead author)
• Ms. Opeyemi Abebe, Trade Adviser – Trade, Oceans and Natural Resources Directorate, Commonwealth Secretariat

Date/Venue: Wednesday 26 September, 10am to 11.30am at the Commonwealth Secretariat, Marlborough House (Main Conference Hall), Pall Mall, London SW17 5HX.

A leading industry figure has been awarded an honorary degree from the University of Wolverhampton for his contribution to building business links.

Chris Blythe, who has spent over 25 years working at all levels of vocational education and training, has been awarded a Doctor of Professional Practice in recognition of his business achievements.

After graduating from Wolverhampton Polytechnic in 1976, Chris trained as a management accountant and, after qualifying, held a number of financial positions with firms such as Dunlop, Birmid Qualcast, Mitel, W Canning, Corgi Toys and GKN Sankey.

In 1991, he joined the North & Mid Cheshire Training and Enterprise Council based in Warrington, an organisation delivering programmes to get young people and long-term unemployed adults into work and business development

Chris joined the Chartered Institute of Building in January 2000 as Chief Executive, a post he currently holds. He has recently led the Institute in tackling labour exploitation in the construction industry. In the Queen’s 2017 New Year’s Honours List, Chris received an OBE for services to the construction industry and government.

Chris said: “I am deeply honoured by the award especially as I am an alumnus of the university. Wolverhampton Polytechnic as it was gave me an opportunity which became the foundation for everything that has happened for me since. It is pleasing to see that the university is still providing opportunities and will create even more with the new Springfield campus.”

Honorary awards are presented by the University of Wolverhampton to people who have made a significant contribution to their field of expertise.

City of Wolverhampton Council’s Business Development Team is looking for 25 Wolverhampton-based companies to join the final phase of its fully-funded European business growth support project, AIM.

It is just one of the opportunities the Black Country Growth Hub will be showcasing to local businesses at the ‘Small Business, Big Impact’ on Monday, September 24.

The event is part of the city’s annual Business Programme and will take place at the Black Country Growth Hub’s HQ, at the Science Park, Glaisher Drive, WV10 9RT, between noon and 2pm. To book a place visit www.investwolverhampton.com

By the end of 2018 the city council will have teamed up with 150 small businesses through the AIM programme to help identify and provide access to a bespoke business support package to help them grow.

Companies work alongside their own business growth specialist to tailor the support to ensure the business receives all the grants, specific guidance, marketing support and connections that lead to the expansion and sustainability of the business.

The programme is popular among businesses who are looking to grow, investigate new market places, move premises, take on staff or buy plant/equipment.

It has already attracted companies ranging from digital and media to advanced manufacturers supplying the automotive, rail and aerospace sectors. Many of these companies have a fantastic customer base – including the BBC, JLR, Aston Martin, UTC Aerospace and Bentley, and have supplied high-profile projects such as Heathrow Terminal 5 and the Piccadilly Extension Line.

The programme has also provided companies access to European Regional Development Fund (ERDF) Black Country Transformational GOLD grants, set up to support a variety of growth projects.

Councillor John Reynolds, Cabinet Member for City Economy, said: “There are thousands of small businesses in the city that employ less than 100 people.

“These businesses account for a staggering 97 per cent of our business base and are businesses that we are keen to support.

“The AIM programme funded through the EU, the city council, and other local partners including the University of Wolverhampton and the Black Country Chamber of Commerce, is showing our commitment to this important group of businesses.”

Luke Plant, Director at Infinity Tubes based in Dixon Street, added: “The support received from the city council’s Business Development Team has been invaluable.

“It seems that you cannot ask them for the wrong thing, with advice and support for numerous matters being there when you need it.

“When you feel like the world is against you, things are stacking up and you don't know which way to turn, a quick conversation with one of the business advisors can lead to a world of opportunities - and it’s nice to know that help is out there.”

Adam Mercy at 22 is one of City of Wolverhampton’s youngest entrepreneurs – setting up his company Air Accounting at the city’s Chubb Building after just a couple of years working for a major accountancy firm.

A key focus of his business growth plan has been to develop apps with features that make accounting and tax easier, to help improve the service.

He said: “The AIM project has helped us to define a clear marketing plan to take our business to the next level.

“Our business advisor provided us with professional guidance and helped us to identify the support available that will assist our business in achieving growth.

“We were further helped to tailor the specifics of our digital marketing strategy to strengthen our understanding of our key target audience and locations.”

Investment in technology and machinery will be examined this week in the second part of the Greater Birmingham Chambers of Commerce (GBCC) Invest to Grow campaign.

The campaign, launched last week, aims to inspire and inform businesses around investment in innovation, research and development (R&D), technology and machinery and how it can help boost productivity.

The two-part campaign includes a series of case studies, expert opinions, briefing information and research on innovation and R&D.

Part 2, launching today, explores investment in technology and machinery. It will examine topics such as making the move to digital, investing in automation and the emerging technologies that businesses need to be aware of. It is sponsored by MCS Corporate.

Ten organisations will be contributing case studies and comment pieces including; Fracino, SUEZ Recycling & Recovery UK, RSM and the GBS LEP Growth Hub.

Alongside this, the GBCC have published guidance on the support available for businesses looking to invest in this space and recommendations for stakeholders and businesses on overcoming barriers to investment.

Readers are encouraged to join the conversation on social media using #I2G18.

Henrietta Brealey (pictured), director of policy and strategic relationships at the GBCC, said: “British businesses are leaders in their field in many respects. However, there is one area where research shows we lag behind – the adoption of the latest technologies.

“The local businesses we are featuring in this campaign have already taken great strides to embrace investment in technology and machinery. While every business is different, we hope their example can demonstrate what’s possible while the expert comment pieces and information on business support available through this campaign provide the information businesses need to get started on their own journeys.

“We also recognise that businesses face very real barriers to investment. We will be exploring these, and making recommendations for stakeholders, later in this campaign.”

Rebecca Warwick, consultant, MCS Corporate said: “We are very excited to be part of this campaign to help boost the region.  Growth in R&D is critical to sustained competitiveness in a global economy, particularly with Brexit looming, and this campaign is designed to drive awareness of what is effectively the government underwriting elements of R&D risk for companies.”

You can find out more about the GBCC’s Invest to Grow campaign here.

Cost pressures are the biggest barrier to innovation, new research from the Greater Birmingham Chambers of Commerce and University of Birmingham City-REDI reveals.

The research, released as part of the Chambers’ Invest to Grow campaign, reveals that 65 per cent of local businesses identified cost pressures/high input cost as a barrier to innovation in their business.

The survey also highlights that too much competition in the market (64 per cent), lack of skilled employees within their enterprise (59 per cent) and lack of internal finance for innovation (49 per cent) as important barriers.

The results are based on a survey of over 200 local businesses taken earlier this year.

As a result, the Chambers are calling on the Government to reduce input costs for businesses arising from taxation.

Henrietta Brealey (pictured), director of policy and strategic relationships at GBCC, said: “We have seen a significant rise in costs for businesses coming from taxation and associated administration in recent years.

“When we surveyed businesses across the West Midlands region earlier this year we found that 76 per cent of firms had experienced an increase in the overall burden of tax admin and compliance compared to five years ago.

“And with the recent introduction of the apprenticeship levy, pension auto-enrolment and rising business rates for a significant number of firms, it’s no wonder why.

“The Government have made clear their intention to encourage firms to innovate and boost R&D spend through The Industrial Strategy.

“However, Ministers and officials need to bear in mind that businesses only have finite resources.

“If the Government could successfully overhaul the UK’s tax system to reduce its reliance on input taxes and streamline admin it would free up significant business resources for potential investment in innovation and R&D.

“We are also calling on the Government to clarify their long-term vision for innovation funding post-Brexit.”

The Invest to Grow campaign aims to inspire and inform businesses around investment in research and development (R&D), innovation, technology and machinery and how it can help boost productivity.

Part one of the campaign is sponsored by the University of Birmingham.

Professor Simon Collinson, deputy pro-vice-chancellor for Regional Economic Engagement and director of the City-Region Economic Development Institute (City-REDI), said: “Universities are key players in the city-region’s innovation system. Alongside our counterparts the University of Birmingham is working with local firms, large and small, to develop new technologies in life sciences, renewable energy systems, rail transport and advanced materials to drive competitiveness in global markets.

“But we are also helping policy makers develop a local industrial strategy focused on the unique strengths of our city-region. City-REDI’s work with the Chamber shows that the region is under-investing in skills, R&D and new technology. Firms are the driving force for regional growth and managers need the confidence to invest to compete more effectively, despite the current uncertainties.”

The Chambers are also encouraging local business leaders to embrace innovation and R&D in their organisations and tap in to the support available.

Henrietta Brealey said: “Investing in innovation and R&D is as much, if not more, about business culture and leadership as it is about financial investment.

“We are encouraging business leaders to create an environment that recognises, rewards and enables innovation.

“Every investment comes with a risk of failure. Luckily, there are a lot of support organisations, tax incentives, grants and potential partners out there that can help businesses reduce the risks associated with investing in R&D and innovation.

“Make sure your organisation is making the most of them. The resources available through our Invest to Grow campaign can help businesses get started.”

Andy Newnham, strategic business engagement partner at the University of Birmingham said: “Universities are hotbeds of innovation, full of the latest thought leadership, talent, and pioneering academics.

“By collaborating with universities, businesses can access the latest thinking on industry trends and avoid the large time and capital costs associated with R&D and innovation.

“At the University of Birmingham, we’re used to collaborating with all kinds of businesses, from regional SMEs, through to multinationals. By supporting vital campaigns like Invest to Grow we want to highlight to organisations the positive role we can play in their growth.”

One of the UK's leading distilleries has employed an industry pioneer to build upon its award-winning reputation and drive the business forward.

Sion Edwards joined the team at Union Distillers in Market Harborough as General Manager earlier this summer and has already introduced innovative practices to improve productivity and increase capacity to produce more spirits.

The Harper Adams graduate has also brought with him knowledge from his previous roles at Warner Edwards and Langley Distillery where he worked with brands such as Bacardi and Campari.

He said: “The first thing I looked at when I started was increasing productivity.

“Having worked in fresh produce, I have brought that production element into the business and am taking lots of little steps towards improving an already very successful business.”

One of the steps Sion has taken is buying a new bottling machine and larger stills.

Union Distillers, which was founded by Mark Gamble in 2013 develops, distils and bottles bespoke spirits on behalf of brands and independent retailers such as Fortnum & Mason.

While its signature brand, Two Birds Spirits, will still be distilled in small batches of 100 bottles, the larger stills have a capacity of up to 300 litres, more than trebling the current productivity rate. And it does not stop there.

“Every small distillery is making one-shot spirits and I think it's very easy to do,” Sion added.

“It's a far better and more traditional method to distil concentrate spirits and by doing so, you get a much more consistent flavour and that's something I'd like to explore further.”

And it is not just Union Distillers that is benefiting from Sion's new role. He was previously commuting to the other side of Birmingham every day and is already enjoying having more time to spend at home with his family in Leicestershire.

Sion said: “I spoke to Mark a lot as I've known him since the beginning of my career and saw Union Distillers were looking for someone to drive the business forward and we both have the same ambitions.

“I'm really enjoying it. It's very different to Langley and it's going to take me at least a year to learn everything there is to know about the business but we're already making progress.”

Mark added: “Sion has already been such an asset to Union Distillers and that is clear from the methods he has introduced and the productivity of the team.

“As a result of his work we have already employed additional staff to meet demand and it's only the start of better things to come.”

The finalists of the 2018 Black British Business Awards (BBBAwards) have been announced. This list recognises the trailblazers and rising stars who represent the very best of the UK's vibrant business sector.

The BBBAwards are the only premium awards programme to celebrate both the exceptional performance and outstanding achievements of black professionals and entrepreneurs in global, small and medium enterprises operating in Great Britain. The BBBAwards uncover inspirational role models; ambassadors who represent the very best talent across various sectors in the British economy. The BBBAwards are designed to transcend stereotypes and highlight the often-unsung contributions of black people to the British economy.

The winners will be announced during a special awards ceremony and evening gala at The Grange St Paul’s Hotel London on 4^th October 2018. Endorsed by the Prime Minister, The Rt Hon Theresa May MP, Mayor or London and Secretary of State, the BBBAwards will celebrate its 5^th anniversary with a once again, full-house of over 450 senior leaders, industry influencers and high-profile supporters; honouring the enormous success generated over the previous four years.

The BBBAwards is more than just a ceremony. Over the last five years, it has grown into a powerful change agent for the wider BAME talent agenda, creating a hub where businesses share ideas and take away concrete actions to create working environments for all talented

individuals to succeed. In addition, the BBBAwards have launched the following highly impactful initiatives:

• The Middle Research Report in collaboration with EMpower and Bloomberg.
• BAME in the Boardroom in collaboration with Deloitte.
• The Talent Accelerator in collaboration with Virgin Money and hosted by Morgan Stanley.

These initiatives have cemented the BBBAwards position as a leader who is at the forefront of the diversity and inclusion conversation in the UK industry.

Melanie Eusebe, Chair and Co-founder of the Black British Business Awards commented:

“We are thrilled to be celebrating not only the breadth of talented business people as finalists for the 2018 awards, but also the Black British Business Awards 5^th year anniversary. Over the last 5 years we have uncovered numerous role models, from creative entrepreneurs to seasoned bankers. These individuals are truly breaking down barriers and stereotypes whilst changing the game for the rest of the UK industry,”

The BBBAwards have also announced that The Telegraph will be their media partner. The main sponsors for the 2018 awards include Baker McKenzie, Barclays, Bloomberg, Cisco, Facebook, J.P. Morgan, MDC Group, PwC, Thomson Reuters and Virgin Money.

The BBBAwards and its finalists have been featured in several news publications and networks including the BBC, City A.M., Sky News, The Evening Standard, The Telegraph, The Times and The Voice.

The 2018 awards will distinguish outstanding black business professionals and entrepreneurs at the top of their game into six diverse industry categories, which celebrate both rising stars and senior leaders awards.

The Hawaii Tourism Authority participated in a conference call today with the Hawaii Emergency Management Agency to get an update on the aftermath of the storm system that brought unusually heavy rainfall to the state over the past week.

To recap, Hurricane Lane was approaching Hawaii last week until strong wind shear and trade winds steadily weakened it from a category 5 hurricane to a tropical storm over a three-day period before finally pushing it away from the islands last Friday.

Currently, Post-Tropical Cyclone Lane is continuing to move in a westward direction far away from the Hawaiian Islands and is no longer a threat to residents and visitors.

The remnants of the storm, however, brought excessive rainfall and flash flooding to localized areas around the state, most notably on the island of Hawaii and Kauai.

Assessments are ongoing on each island to determine any recovery efforts that are still needed to address the impacts of this rare and abnormal weather system.

But, to be clear, the State of Hawaii is fully open for business and travelers should not be dissuaded at all from making or planning trips to our beautiful island home.

All airports, resorts and hotels, activities, restaurants, retail operations, beaches and publicly accessible roadways are open, as well as most forest lands and state and county parks.

To prospective travelers and anyone interested in Hawaii, please know this. The weather is beautiful today, sunny, warm and inviting, exactly what everyone expects when being in the Hawaiian Islands.

The humble 1p coin could soon become a thing of the past as The Bank of England is considering its future.

The fate of the 1p lies with us and the way we use it as more than half in circulation are only used once.

The Bank's theory is that the rise of card payments makes the issue irrelevant - and far fewer items are now priced ending in 99p.

The value of the 1p coin has also been reduced by inflation so, in effect, the 1p coin is now worth less than the halfpenny when it was abolished in 1984.

Among many of those who support the continuing use of copper coins, the belief is that retailers would simply round up prices to the nearest 5p if copper coins were scrapped.

Many countries - including Canada, the home of Bank of England governor Mark Carney - have ditched their low denomination coins, as well as Australia, Brazil, and Sweden who are also doing so.

Studies from around the world have shown that removing low denomination coins would have little or no impact on prices.

The Bank of England economists said: "As inflation steadily erodes the purchasing power of low denomination coinage, the case for the removal of the 1p becomes stronger."

Businesses that want to learn about a range of basic export topics can now watch a series of video training masterclasses without leaving their desk.

Launched by West Midlands Chambers of Commerce and funded by the ERDF SME International Growth Project, the online resource offers six masterclasses covering: export documentation and administration; export pricing; intellectual property; international sales and marketing; market research and selection; and routes to market.

Each of the videos lasts for about 30 minutes and will take SMEs (small-to-medium-sized enterprises) step by step through the processes of selling overseas. Each session is designed to offer valuable advice and tips to new and/or inexperienced exporters, by providing a structure for how to trade globally.

Patrick McCarron, Business Development Manager of West Midlands Chambers of Commerce, said:

“Last year, we helped more than 300 businesses in the West Midlands region to start exporting for the first time.

“Selling products or services internationally is a potentially profitable part of any business plan, but there are many factors to consider when planning to trade overseas. We know that companies are keen to expand their export markets but it can sometimes be difficult to spare someone for a half day to attend a workshop or seminar.

“These online tools will allow businesses to access the relevant masterclasses at a time that is suitable for them and help them tackle the key stages in the export process.

“Of course, these can be followed up with meetings with our experienced international trade advisers, who can provide specialist help, guide companies through the exporting process, set up meetings and liaise with embassies and advisers in the target markets.”

Efforts to attract private inward investment to the Midlands’ infrastructure sector could be given a significant boost through the adoption of new global construction standards, according to RICS

RICS states that adopting ICMS (International Construction Measurement Standards) would make the Midlands even more attractive to international investors – providing greater transparency, consistency and certainty for them. ICMS is a collaborative international standard developed by 46 global construction professional bodies.

For the last seven years, workloads in Midlands’ infrastructure have grown consistently and strongly, with the main activity taking place in the road, rail and energy sectors, according to RICS Construction & Infrastructure Market Survey, which gathers the sentiments of RICS Chartered Quantity Surveyors working in the region.

Chartered Quantity Surveyors –  experts in the financial management of construction – commit to working to the best practice through RICS standards. Quantity Surveyors are fundamental to ensuring best value for money for the taxpayer.

Looking ahead, workloads in the Midlands are expected to rise quicker than the rest of the UK. Employment in Midlands’ construction is also expected to grow, at a rate 0.8% by 2022*. Not only is this above national expectations, but means the region’s current and planned projects will create around 17,000 new jobs in the sector.

Therefore, growth fuels the need for more trusted, skilled and regulated professionals and accurate reporting of costs in construction and infrastructure projects. This is critical not only in terms of attracting investors, but also for assessing the economic viability of projects and maximising their impact.

Alan Muse, RICS Global BEG Standards Director, commented:

“At present, there is a lack of uniformity in how construction projects and costs are measured and reported around the world, which can provide risks for investors.

“Chartered quantity surveyors ensure the economic optimisation of construction projects through a process of prediction, control and challenge. As construction becomes more global, both in terms of funding and implementation, international learning through common international standards becomes more important and ensures better information for investment decisions.

“Widespread adoption of ICMS in the construction market here could provide the Midlands with a real competitive advantage and signal to potential investors that this is a market that they should be active in.

“ICMS provides global consistency in reporting; the kind of consistency that inward investors increasingly demand, and government projects need. Our message is very clear to those working in the Midlands’ built environment, widespread adoption of ICMS provides the opportunity for significant competitive advantage.”

Malcolm Horner, Emeritus Professor of Engineering Management, University of Dundee and Chair of the ICMS Civil Engineering Stream, commented:

“The benefits of sharing useful, robust and consistent data are widely recognised, both to provide benchmarks and improve the quality of estimating and cost prediction.

“Data sharing would be helpful to governments and other organisations who need to demonstrate value for money. It would allow the efficiencies of different organisations to be compared and inefficiencies to be identified and targeted. It would also allow clients and consultants, particularly smaller ones, to better determine what a project should cost, what it will cost and what it did cost.”

International Construction Measurement Standards (ICMS) is a high-level international standard that aims to provide greater global consistency in the classification, definition, measurement, analysis and presentation of construction costs at a project, regional, state or national/ international level. The standard has already been adopted by Arup, Arcadis and Turner & Townsend.

Business across the West Midlands are being urged to apply for a specialist funding stream that aims to help them export for the first time or expand their overseas markets.

The West Midlands SME International Growth Project (SME IGP), funded via the European Regional Development Fund (ERDF), has approved 220 grants since January 2017, providing match-funded grants worth more than £500,000.

SMEs (small-medium sized enterprises) have just eight months left to apply for a grant, with the deadline set for applications on 31 March 2019.

Walsall-based Earthbound, a manufacturer and distributor of high-quality pet bedding, blankets, dog coats, toys and accessories, received £3,000 in match-funding to enable it to attend the major Zoomark trade fair in Bologna, Italy.

“You need to do a lot of business to cover the costs of any show so having the ERDF funding was a real help for a company of our size,” said David Higgins, UK sales manager.

“There are a lot of big players in this industry so we’re having to work hard to get our products and our name noticed. We wouldn’t have done Zoomark if it wasn’t for the ERDF funding.”

The fair was a huge success for the company, which picked up £47,000 worth of business from a customer in Ireland, as well as a further £30,000 orders from retailers in another Spain, France and Italy.

“Exporting is without doubt making us stronger as a business,” said David. “It would be more difficult for us to grow and thrive if we weren’t proactively looking to the export market. I’d urge any company thinking about exporting to contact its local DIT office and see what help it could get.”

The project is delivered by West Midlands Chambers of Commerce (WMCC) and funded as part of the European Structural and Investment Funds Growth Programme 2014 – 2020.

Allen Matty, managing director of WMCC, said success such as that experienced by Earthbound is being replicated across the region, thanks to their applications for match-funded grants of between £1,000 and £3,000.

Funding has also provided businesses with the chance to access sector expert events, such as Meet the Buyer, invitations to market visits to investigate potential business openings, and trade shows.

“We’ve seen some extremely positive results and business wins from local companies that have been able to take advantage of this grant scheme,” he said.

“With just eight months left of the ERDF funding scheme, we’d encourage any SME in the area that wants to export or grow overseas to consider applying for it. It’s not just a cash boost, it’s also about and accessing the specialist support they need and minimising the risks in overseas markets.”