A business perspective on the Olympics Featured
Less than 100 days to go – those are the words which elicit a mixture of feelings to the business community. It will certainly increase the footfall within the City and bring with it an increase in expenditure so many businesses are delighted. Others are conversely worried how the once in a lifetime event that is the Olympics will impact their business as staff try and get to work, and home again!
A number of businesses that I work with have significantly reduced the level of work they are doing in London over the Olympic period, others have chosen to reassign teams to other offices around the country to minimise disruption on their business operation. It is not all doom and gloom though – there are great opportunities to be shared, experiences to be enjoyed and memories to be ultimately treasured. Whilst it has been viewed as a London event by many, the whole country will undoubtedly reflect on the Olympic event once the final ceremonies have been completed.
What story does the history of other Games show? Research from BT on the 2010 Vancouver Games suggested sales for many businesses that prepared to take advantage of the opportunity increased by 10 – 25%; this continued on after the events. Interestingly only 27% of those surveyed attributed this to overseas visitors, this being significant since more of the increase was home grown and resulted in on-going benefit. Another important statistic through was that 30% of businesses felt they could have gained more benefit if they had prepared better.
Preparation is key – prepare to be flexible, prepare to scale your business to meet demand, prepare to ensure your service levels do not suffer and prepare to create a beneficial legacy for your business.
My blog will focus on the business impact in the immediate vicinity of the games, inside the games if I am able to arrange access (if you can help please do email since my efforts so far have not been fruitful), and also further afield. I will be looking at how businesses are preparing over the last 100 days and I am keen to capture the views of business owners and managers. As a business owner myself, I am aware of some of the challenges and opportunities that have been presented over the past few years – the coming few months will crystalize these for many.
If you would be happy to share your thoughts and plans, please email them to me or I would be happy to come along to your business if it suits better. I will also be keeping a photographic journal which will support this blog and hope you will enjoy reading it before, during and after the Games. All submissions will be acknowledged and I hope to be able to capture a montage of the business perspectives of the Olympics.
This blog also appears on thesportsfeed.com