Business Weekly - Cambridge, UK

Respondents to the survey assessed their businesses in the areas of: strategy and direction; financial control, treasury and management information; customers and markets; operations and supply chain; and employee engagement and motivation.
 
Vincent Bryant, Managing Director of PI Consulting, claims that “the difficult trading conditions that currently exist require Directors to conduct an informed and honest review of areas that could jeopardise the performance and sustainability of their businesses.”

Vincent emphasises that “whilst government intervention in the financial system has improved stability, businesses are still finding it difficult to raise additional finance. It is therefore particularly important that Directors pre-empt problems and have robust contingency plans in place for events that could threaten the continuity and performance of their businesses. When unpredictable events occur, such as the loss of a key supplier, it is often the lack of time to find and implement a workable solution that causes a business continuity problem rather than a lack of feasible alternatives. Having plans in place beforehand allows the business to avoid major disruption and the often serious spin-off effects.”
 
The PI Consulting survey remains open but the 47 completed so far highlight 7 key areas of avoidable risk:

•    64% of respondents had no recent and robust contingency/risk management plans in place;
•    57% do not utilise independent advisors or non executive directors to provide external insight and advice;
•    64% rely on their business current account and have not explored alternative funding arrangements;
•    66% of respondents are highly dependent on a small number of key customers;
•    66% are aware of waste and cost reduction opportunities but have not taken determined action to exploit them;
•    66% have not recently examined key supplier sustainability; and
•    70% of respondents claim to be exposed to risk of significant loss of knowledge with at least one key employee.

The survey was launched to help businesses self assess their resilience and identify potential profit and cash flow improvement opportunities. It enables Directors to assess and reflect on areas of risk and underperformance and to prioritise improvement actions whilst time is on their side.

- ENDS -
For further information contact:
Vincent Bryant
+44 (0) 1223 929017
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

About PI Consulting

PI Consulting provides advice and hands-on implementation support to improve organisational and financial performance. PI's services encompass business turnaround, strategy and values development, programme and project management, leadership skills  and cultural change, competency development, process improvement, and technology and supplier selection.

PI's clients come from a range of sectors including manufacturing, automotive, retail and distribution, leisure, financial services, central and local government and regional development agencies. The firm operates from three UK offices: Cambridge; London; and Nottingham.

PI Consulting is an accredited Premier Practice of the Institute of Business Consulting.

www.piconsulting.org.uk