Channel Island businesses are mirroring those around the world and continue to cut costs and focus on efficiencies in the face of persistent uncertainty over the global economy according to KPMG.
KPMG’s third Succeeding in a Changing World (SiCW) Business Leaders Agenda Survey, which interviewed 3,000 leading executives in Europe and the Middle East, showed business leaders are prioritising costs and cash.
The survey revealed that the top five issues for the businesses questioned were: changing business operations to realise cost efficiencies (43%), improving cash and working capital management (32%), exploiting growth opportunities through successful transactions (30%), preparing the organisation for major business model changes (25%) and managing, developing and retaining the right people within the organisation (24%).
Head of Advisory for KPMG in the Channel Islands, Ashley Paxton, said the current macro-economic environment presented threats as well as opportunities to Channel Islands-based companies.
“KPMG’s experience in the Channel Islands reflects the survey results in terms of where the focus for at least the next 12 months lies with our clients,” Mr Paxton said.
“Although efficiencies and cash are still top of the agenda, companies are also now actively looking at their acquisition strategy to help growth plans.
“Those that understand the changing landscape will be best placed to take advantage of the opportunities that will present themselves as the economy recovers and we are assisting our clients with strategies to help achieve growth and maximise value in the current market.
“There is significant emphasis from local business leaders across funds, banking, insurance, commercial, retail and public sector industries on working with experienced advisers who have deep industry insight and experience in the local Channel Islands marketplace.
“They believe that it is this local expertise and knowledge that will make the difference through a particularly challenging economic period.”
For more information on the KPMG Succeeding in a Changing World (SiCW) Business Leaders Agenda Survey go to http://www.kpmg.com/EU/en/succeeding/Documents/SiCW-CEO-guide-to-success.pdf