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UK’s Tech Businesses Set To Soar

2015 is predicted to see an increase in IT equipment finance, as UK tech businesses expect to grow four times quicker than Gross Domestic Product (GDP), according to an article on the Asset Finance International website.

Members from the Finance & Leasing Association (FLA) reported 5% growth in IT equipment finance during 2014, taking the total to £1.624 billion. During the final quarter of last year, however, the pace picked up significantly: a total £570 million of IT equipment was financed, which is a 25% increase compared with the same period in 2013. It is expected that this growth will continue throughout this year and beyond.

Meanwhile, Barclays’ Fast Growth Tech survey revealed that UK tech businesses are expecting solid growth this year. After polling CEOs and owners of tech firms, the results revealed that the average company predicts 11% growth during 2015 – four times the GDP prediction for this year (2.6%).

Over half (58%) of firms expect growth of up to 10% this year, while 18% predict growth of between 10% and 20%, and 9% predict notable growth of more than 20%.

IT firms remain optimistic about the state of their business, with many expecting growth beyond 2015. The average company in the survey expects additional growth of 15% in 2016, while 16% predict growth of over 20%.

Sean Duffy, managing director of Barclays’ Technology, Media and Telecoms division, said that the growth predictions “reveal the optimism and drive of the UK’s work-leading technology sector,” before adding that the UK is a “real launch pad for innovative tech businesses.”

“Investors are seeing the UK as an international talent magnet and a platform to grow or launch their business for a number of compelling reasons, including the culture, light-touch regulation, supportive Government policies and access to finance,” he added.

When asked the reasons behind previous growth, 79% of companies cited strong leadership. Going forward, those companies saw strong leadership and a focus on marketing and advertising as both critical factors for growth.

According to the companies, the two main challenges that could impede growth are increased competition (29%) and the ability to attract and retain talented employees (25%).

Working together for a greater good

This was the running theme at one of our latest meetings where we had the opportunity to get together, which is crucial to the development of the team and overall success of the business.

With help from an external facilitator we used our afternoon session to focus on how we can drive Syscap forward so that we can continue to deliver exceptional results. Our starting point was that great things come from small changes and that everyone needs to come together in order to reach a common goal. In this context we were looking at our sales and marketing efforts, but believe that the same mentality can be applied to any context, which is why we thought we should share some of our thoughts from the day.

Stop accepting

In work, as well as in life, we will generally get what we accept – so if we genuinely want to improve something, we have to stop accepting the way it is now. “Stop accepting” doesn’t mean a flat refusal, which would most likely create friction and unhealthy conflict; it does mean, however, at least raising “I don’t think this is good enough”. You can’t change a culture overnight, but you do have to start somewhere.

Small improvements = sustained success

There were some great successes for Team GB at the Olympics in 2012. But one team that stood out in particular was the cycling team led by Dave Brailsford. He has been widely quoted on the importance of marginal gains.

Put simply….how small improvements in a number of different aspects of what we do can have a huge impact to the overall performance of the team.”

It’s so easy to overestimate the importance of one defining moment and underestimate the value of making better decisions on a daily basis.

Almost every habit that you have – good or bad – is the result of many small decisions over time. And yet, how easily we forget this when we want to make a change.

So often we convince ourselves that change is only meaningful if there is some large, visible outcome associated with it. Whether it is losing weight, building a business, traveling the world or any other goal, we often put pressure on ourselves to make some earth-shattering improvement that everyone will talk about.

Meanwhile, improving by just 1 percent isn’t notable (and sometimes it isn’t even noticeable). But it can be just as meaningful, especially in the long run.

From what I can tell, this pattern works the same way in reverse. (An aggregation of marginal losses, in other words.) If you find yourself stuck with bad habits or poor results, it’s usually not because something happened overnight. It’s the sum of many small choices – a 1 percent decline here and there – that eventually leads to a problem.

We are all responsible

Very often it is seen as someone else’s problem to sort issues out. But to make improvements we must all play our part. As with so many things, it just needs people who are prepared to make a start, however big or small. It’s also fundamental that we recognise that it’s not just others this applies to – we are often most accepting of mediocrity from ourselves.

We will continue to make marginal gains in order to take small steps towards a greater, more successful and sustainable future.