In today’s challenging climate, it’s essential for SME and mid-market business owners to have the ambition and drive that it takes to survive in tumultuous times.
A new report has revealed what has helped successful decision makers in business to develop ambition and help them achieve their goals, with half (50 per cent) claiming that supportive friends and family were their biggest drive to be ambitious.
The findings are part of the Ambition Index Report, produced by the Lloyds Bank National Business Awards. The report reveals what 309 SME and 301 mid-market decision makers believed to help drive them and keep them motivated, especially when times are hard – with almost two thirds claiming that ambition is the biggest driver of business success.
Along with support from family and friends; a clear strategy (47 per cent), good self-esteem (44 per cent) and strong management (32 per cent) were also highlighted as essential when developing ambition.
At a time when business rates are ever increasing and getting a loan is harder than ever, it is important to be ambitious when beginning or maintaining a business. The survey revealed that 41 per cent of those questioned agree that it’s a challenging environment and if they don’t ‘up their ambition’ the business will falter. A further 36 per cent agree that they have felt the need to really drive themselves in the face of business adversity.
Now in its 16th year, the Lloyds Bank Business Awards permit any company within the UK, whether public, private or third sector to enter, regardless of size or industry. The awards have a range of categories suited for any successful organisation to tell their story; from large private and public companies through to thriving entrepreneurial businesses, promising start-ups and established SMEs.
Simon Duffy MBE, co-founder of Bulldog Skincare and 2014 winner of The Santander Small to Medium-sized Business of the Year Award offers his advice on starting a business: “Coming up with a great idea is the easy part. Focus on execution and just get started without delay. There is no time like the present!”
Rob Law, CEO of Trunki and 2012 winner of Small to Medium Enterprise of the Year award reveals the benefits of winning an award: “Winning SME of the year gave us huge credibility from raising finance to working with new retail partners and international customers, it’s one of my proudest accolades.”
Winners last year included many household names, both large and small, including Hotel Chocolat, Diabetes.co.uk and Handmade Burger Co.
This week is the final week of entries, so to enter your business please visit nationalbusinessawards.co.uk