Finance Wales l More Meerkats and Less Ostriches Please!
“Are you an ostrich or a meerkat?”
This analogy and question is often asked in relation to people’s ability to adapt and thrive in the face of change.
In a business context, against the backdrop of the global events of 2016 and a future Brexit, understanding your business’ ability to cope with uncertainty is a worthwhile exercise.
To help you get a better understanding ask yourself the following questions:
- Do you view investment in your business as important for the future or as a cost?
- Do you like to maintain the status quo or adopt new practices and embrace new technology?
- Are you outwardly focused on new opportunities or inwardly focused doing what you’ve always done?
Answering these questions should give you a sense if your business is open and adaptive like a meerkat or stubborn and inward-focused like an ostrich.
For example, as the backbone of the Welsh economy, it is vitally important that we have more small businesses in Wales who adopt the ‘meerkat’ approach. This means companies taking advantage of new products, markets and ways of doing business. Advances in technology and the growth of the online world mean it is now much easier for a business to react, change or move in a different direction if the will is there.
To do such things, growing businesses need finance. As a lender we need to encourage enterprise, support forward thinking and increase the uptake in equity investment – as well as traditional loans.
Welsh businesses need to think differently and think big. Those who do will find that uncertainty can then become opportunity.