Templeman urges investment and diversity to West Mids businesses
Businesses in the West Midlands are being warned that "very few companies will survive" if they concentrate only on the UK market. Miles Templeman, director general of the Institute of Directors (IoD), told Insider that companies needed to start looking further afield if they were to expand on their success. Templeman also said the government needs to act to help businesses seeking investment.
He said: "If the government wants UK businesses to compete on the world stage, it needs to give more assistance to businesses in need of funding.
"Many businesses struggle with the availability of finance.
"I don’t think politicians really understand how difficult it is to run a business and make it a success. Businesses need investment to grow."
Templeman spoke to Insider as the IoD launched a new office at Nottingham Trent University. It is the first time the organisation has set up an office in an educational institution.
He said he thought the biggest problem facing the UK was the need to improve the education system.
"We need to improve the way that education and business interacts if we are to compete with developing countries like China and India. Barriers still remain between the two – it’s difficult for them to connect.
"I’ve visited universities where the business school is very much integrated, but the rest of the university may not be, as the university may be worried about the detrimental effect the link-up may have on academia."
He added that the Midlands was home to "centres of excellence" in terms of universities.
"I’ve visited universities in both the East and West Midlands, and I can say that I think they’re all forward-looking institutions, there’s no doubt. They are looking outwards in ways that universities have not done before."
The director general also said he expected the next year to be a tough one for businesses.
"Realistically, we are in a very difficult time," he said. "It’s not going to suddenly change. We’ll probably see a very small growth in GDP next quarter, but I think this year will be one of soldiering through then building on the progress we’ve made."
