2017 was the year of ambition for British businesses.
The Lloyds Bank National Business Awards has unveiled an exclusive Ambition Index report - entitled The Ambition Factor. The report reveals findings of what both mid-market and SME businesses are saying about ambition, talent, the impact of Brexit and how businesses overcome challenges and remain ambitious in trying times. Positivity and ambition sit at the heart of a successful business strategy.
How do you define ambition in business?
- Ambition is defined most as a desire to succeed (34%)
- Nearly twice as many men and women define it as stretching outside your comfort zone (8 v 4%)
- Striving to ‘be the best’ isn’t a defining factor for ambition amongst 16-24 year olds compared to their 35-44 year olds counterparts
- The need to outperform others is most present in London. With exceeding expectations the main ambition driver in Northern Ireland
- A determination to realise a plan is far more key to SMEs than Mid-Market businesses according to the data
What helps develop ambition in business?
- A significant 50% of those surveyed said that supportive family and friends are the most important factor in developing ambition in business. Then a clear strategy / plan, self-esteem, additional learning and an engaged, productive workforce.
- Women are far more likely to say having a good boss is a vital factor than men (36 to 29). With more men suggesting having the right partner is more important than women
- Older business people recognise the value of a mentor much more than younger generations
- Self-esteem is most prized in the North East
Do you think your business is more or less ambitious than last year?
- There’s a near universal belief that business has either maintained its levels of business ambition (50%) or is more ambitious than a year ago (44%)
- East of England and Wales flagged a decline in ambition more than other regions