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Why Grant Thornton
Whether you’re growing in one market or many, looking to operate more effectively, managing risk and regulation, or realising stakeholder value, our firms can help.
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Culture and experience
Grant Thornton’s culture is one of our most valuable assets and has steered us in the right direction for more than 100 years.
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Global scale and capability
Beyond global scale, we embrace what makes each market unique, local understanding on a global scale.
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Join our network
In a world that wants more options for high quality services, we differentiate in the market to grow sustainably in today’s rapidly changing environment.
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Leadership governance and quality
Grant Thornton International Ltd acts as the coordinating entity for member firms in the network with a focus on areas such as strategy, risk, quality monitoring and brand.
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Africa
24 member firms supporting your business.
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Americas
31 member firms, covering 44 markets and over 20,000 people.
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Asia-Pacific
19 member firms with nearly 25,000 people to support you.
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Europe
53 member firms supporting your business.
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Middle East
8 member firms supporting your business.
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Business consulting services
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
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Business risk services
The relationship between a company and its auditor has changed. Organisations must understand and manage risk and seek an appropriate balance between risk and opportunities.
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As organisations become increasingly dependent on digital technology, the opportunities for cyber criminals continue to grow.
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Forensic services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
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Mergers and acquisitions
We work with entrepreneurial businesses in the mid-market to help them assess the true commercial potential of their planned acquisition and understand how the purchase might serve their longer-term strategic goals.
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Recovery and reorganisation
Workable solutions to maximise your value and deliver sustainable recovery.
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Transactional advisory services
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
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Valuations
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
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At Grant Thornton, our IFRS advisers can help you navigate the complexity of financial reporting from IFRS 1 to IFRS 17 and IAS 1 to IAS 41.
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Audit quality monitoring
Having a robust process of quality control is one of the most effective ways to guarantee we deliver high-quality services to our clients.
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Global audit technology
Our global assurance technology platform provides the ability to conduct client acceptance, consultations and all assurance and other attestation engagements.
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Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
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Direct international tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
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Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
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Indirect international tax
Using our finely tuned local knowledge, teams from our global organisation of member firms help you understand and comply with often complex and time-consuming regulations.
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Transfer pricing
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
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Africa tax desk
A differentiating solution adapted to the context of your investments in Africa.
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Banking Holding banking to account: the real diversity and inclusion pictureWe explore how the banking sector can continue to attract, retain and nurture women to build a more diverse and inclusive future.
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Sustainability From voluntary to mandatory ESG: How banks can future-proof their operationsAs we move from voluntary ESG initiatives to mandatory legislation, we explore what the banking sector needs to prioritise.
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IFRS IFRS 9 - Audit of Expected Credit LossesGPPC releases The Auditor’s response to the risks of material misstatement posed by estimates of expected credit losses under IFRS 9
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growthiQ Steering your company to long-term successHistory has something important to tell us about the difficulties of steering a business to long-term success – through seismic shifts in technology, consumer demands and product development. With that in mind it’s unsurprising that over half the world’s largest companies in the early 1900s had shut their doors by the late 1990s. Some, however, have endured.
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International Financial Reporting Standards Implementation of IFRS 17 ‘Insurance Contracts’The auditor’s response to the risks of material misstatement arising from estimates made in applying IFRS 17 ‘Insurance Contracts’
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IFRS Get ready for IFRS 17After twenty years of development the IASB has published IFRS 17 ‘Insurance Contracts’, find out more.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - Sector analysis Clear patterns of damage from COVID-19 across the industriesThe index results for 12 key sectors of the mid-market reveal just how much or little the various parts of the economy were impacted by COVID-19.
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Not for profit Mission: possible – putting impact at the heart of charityGlobal charitable continues to decline and charity leaders are increasingly looking at their own unique impact journey.
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Access to finance Raise finance to invest in changePrepare your business to raise finance to invest in change.
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Private equity firms Private equity in the mid-market: reshaping strategies for 2021When the global COVID-19 pandemic stormed across the globe in early 2020, the private equity sector was hit hard but deals are coming back to the market.
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Mid-market businesses Getting ready for private equity investmentOur specialists explore how private equity firms are now working with their portfolios and how the mid-market can benefit from investment.
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Mid-market businesses Myth-busting private equityNervous about partnering with Private Equity? We explore some of the common myths we come across when speaking to mid-market businesses about PE investment.
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Public sector Helping build the government of tomorrow, todayLearn about the Grant Thornton US public sector team.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - Sector analysis Clear patterns of damage from COVID-19 across the industriesThe index results for 12 key sectors of the mid-market reveal just how much or little the various parts of the economy were impacted by COVID-19.
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Industries European Real Estate PodcastJessica Patel, Tax Partner at Grant Thornton UK speaks with tax partners and directors across the network to share their insights on the real estate market and some of the challenges.
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Industries European Real Estate PodcastJessica Patel, Tax Partner at Grant Thornton UK speaks with tax partners and directors across the network to share their insights on the real estate market and some of the challenges.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Retail How retail is positioning for successCOVID-19 provided some hard lessons for the retail industry. It is time to turn those into sustainable and well executed growth strategies in 2021.
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Telecoms Can tech and telecom leverage economic headwindsAs most businesses brace for an economic downturn, tech and telecom could see new prospects. But, to turn the headwinds to your advantage, you need to find your unique opportunities and risks.
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Technology Mid-market tech companies lead the way on diversity and inclusionWe explore how the mid-market tech sector can continue to build and nurture a culture that’s increasingly more diverse and inclusive for women.
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Technology Responding to slowing growth: why the tech industry faces a more challenging outlook in 2022We spoke to tech experts about industry trends that could affect companies over the next 12 months and what their short-term strategic priorities should be.
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Tax Resetting global tax rules after the pandemicBusinesses are seeing rising challenges, and finance heads are dealing with a range of new measures. To say the next 12 months are critical for businesses is an understatement.
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Telecoms Can tech and telecom leverage economic headwindsAs most businesses brace for an economic downturn, tech and telecom could see new prospects. But, to turn the headwinds to your advantage, you need to find your unique opportunities and risks.
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TMT TMT industry: Fully charged or on standby?Our research revealed five key trends that resonated with Technology, Media and Telecoms (TMT) industry leaders around the world. We asked a panel of our experts from UK, US, India Ireland and Germany, to give us their reaction to the findings.
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Cybersecurity One size fits nothingTechnology companies must adopt a new approach to digital risk: those that successfully develop a reputation for digital trust by demonstrating an unwavering commitment to cyber security and data privacy will be able to carve out a competitive advantage.
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Technology, media & telecommunications Why it’s time for a 5G reality checkFigures suggest the mobile sector is maturing. While data usage continues to soar, mobile revenues are expected to flatten out over the next few years.
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International business Mid-market businesses lifted by rising tide of optimismOptimism among global mid-market business leaders rose to 67% in the first half of this year and they are markedly more optimistic about their prospects with global optimism having increased by 8%.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Hotels COVID-19: Checking in with the hotel industry one year onCOVID-19 provided some hard lessons for the hotel sector. It is time to turn those into sustainable and well executed growth strategies.
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
- By topic
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Women in Business 2024
2024 marks the 20th year of monitoring and measuring the proportion of women occupying senior management roles around the world.
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COP28: Mid-market firms should seize the opportunity from adaption and innovation
COP28 was the first time there has been a global stocktake on progress against the Paris Agreement.
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Scanning the horizon: Mid-market sets sights on global trade growth
The latest International Business Report (IBR) data shows that mid-market businesses have high expectations for global trade.
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Mid-market businesses less optimistic, despite record numbers expecting increased profitability
A closer examination of the data offers some explanation of this apparent contradiction.
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Women in tech: A pathway to gender balance in top tech roles
Grant Thornton’s 2024 Women in Business data suggests we are far from achieving parity within the mid-market technology sector.
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Women in leadership: a pathway to better performance
What makes the benefits of gender parity compelling is the impact it can have on commercial performance.
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Women in Business 2024
2024 marks the 20th year of monitoring and measuring the proportion of women occupying senior management roles around the world.
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Women in business: Regional picture
We saw an increase in the percentage of senior management roles held by women, on a global level, but there are some significant regional and country variations.
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Pathways to Parity: Leading the way
To push towards parity of senior management roles held by women, who leads within an organisation is vital.
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Generating real change with a long-term focus
The most successful strategy to achieve parity of women in senior management is one which stands alone, independent of an ESG strategy.
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People at the heart of great business
Businesses have started to put guidelines and incentives in place, focused on driving employees back to the office.
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Focusing and developing a solid strategy around diversity, equity and inclusion
Grant Thornton Greece is pioneering a growing set of diversity, equity and inclusion (DE&I) initiatives that centre around three strategic pillars.
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Ten considerations for preparing TCFD climate-related financial disclosures
Insights for organisations preparing to implement the International Sustainability Standards Board (ISSB)’s Standards.
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COP28: Mid-market firms should seize the opportunity from adaption and innovation
COP28 was the first time there has been a global stocktake on progress against the Paris Agreement.
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Transition Plan Taskforce publishes its final disclosure framework
As organisations in the private sector make commitments and plans to reach net zero, there's a growing need for stakeholders to be able to assess the credibility of their transition plans.
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Promoting ESG excellence through tax
ESG considerations have never been more important for an organisation’s long-term success, but how can tax be used to add value to an ESG agenda?
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International business: Mid-market growth and expansion
The mid-market looks to international business opportunities for growth.
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Top five constraints to international business in the mid-market
Top five major constraints that are testing the mid-market’s ability to grow their businesses internationally.
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Brand and international marketing – breaking global barriers
Brand has been identified as a key driver of mid-market success when looking to grow and develop international business.
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The key to international business: Investing in people
How can recruitment and retention help grow international business?
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Building resilience in international business
Evolving supply chains and trade patterns amid ongoing global uncertainty.
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IFRS Alerts
IFRS Alerts covering the latest changes published by the International Accounting Standards Board (IASB).
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Example Financial Statements
General guidance for preparers of financial statements that supports the commitment to high quality, consistent application of IFRS.
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Insights into IFRS 2
Insights into IFRS 2 summarises the key areas of the Standard, highlighting aspects that are more difficult to interpret and revisiting the most relevant features that could impact your business.
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IFRS 3
Mergers and acquisitions are becoming more common as entities aim to achieve their growth objectives. IFRS 3 ‘Business Combinations’ contains the requirements for these transactions.
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IFRS 8
Our ‘Insights into IFRS 8’ series considers some key implementation issues and includes interpretational guidance in certain problematic areas.
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IFRS 16
Are you ready for IFRS 16? This series of insights will help you prepare.
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IAS 36
Insights into IAS 36 provides assistance for preparers of financial statements and help where confusion has been seen in practice.
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IFRS 17
Explaining the key features of the Standard and providing insights into its application and impact.
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Pillar 2
Key updates and support for the global implementation of Pillar 2.
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Global expatriate tax guide
Growing businesses that send their greatest assets – their people – overseas to work can face certain tax burdens, our global guide highlights the common tax rates and issues.
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International indirect tax guide
Navigating the global VAT, GST and sales tax landscape.
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Global transfer pricing guide
Helping you easily find everything you need to know about the rules and regulations regarding transfer pricing and Country by Country reporting for every country you do business with.
Aim for growth, plan for disruption
European businesses are battening down the hatches in the face of swirling uncertainty, but leaders shouldn’t just sit back and wait for a clearer picture. There are still growth opportunities in the market for those adopting the right strategies.
There is no shortage of uncertainty in Europe, both economic and political. Brexit, weak export demand from China, growing populist politics ahead of EU parliamentary elections and an economic cycle that has passed its peak are conspiring to erode confidence.
In fact, Grant Thornton’s latest International Business Report (IBR) found that net economic optimism among EU business leaders – the percentage of optimists minus pessimists – fell by 18pp to 28% since Q2 2018. In eastern Europe, net optimism turned negative (-10%), plunging from 20%.
While the uncertainties are real, and businesses are right to be concerned, it’s important to remember that there are still significant market opportunities for businesses, if they can adjust their strategies to deal with obstacles and exploit opportunities.
Larissa Keijzer, region head Europe, at Grant Thornton International, says: “While the future remains unclear, European businesses with the best understanding of potential outcomes and the right strategies will outperform the competition.”
Uncertainty has impacted Europe to different degrees
Each country’s economy – and business community – has been impacted to differing extents by the uncertainties. In the UK, with fears over a disorderly, no-deal Brexit mounting, net optimism slid to 9%, the lowest level since Q3 2017 IBR. In Ireland, the latest AIB Business Sentiment Index revealed 35% of smaller businesses in the country had cancelled or postponed investment plans due to Brexit[i].
Actual and forecasted changes to economic estimates are contributing to worries. The European Commission cut its growth forecasts for Ireland to 4.1% this year, down from 4.5%, citing Brexit[ii]. With Ireland very much on the Brexit frontline in Europe, the Bank of Ireland launched a €2 billion Brexit fund for lending to businesses needing capital to adapt to its challenges[iii].
Elsewhere in Europe, the Italian economy fell into recession in H2 2018, with confidence dented by growing concerns over the government’s spending plans and fiscal sustainability. Jobs growth also stagnated with no obvious upside to real incomes despite lower inflation.
Businesses are right to take these threats seriously, but the mantra should be: ‘plan for disruption, but still aim for growth’. Growth continues to be achievable if business follow the right strategies.
Dave Dunckley, CEO of Grant Thornton UK LLP, says: “Leaders need to model the potential political, regulatory and economic scenarios. By examining the business impact of each scenario, they can build a contingency plan or road map and plot the future steps to take and the events that might trigger them. Above all else, businesses need to brace themselves for continued change and position themselves to capitalise on any opportunities this may present.”
Leaders should not lose sight of the fundamentals underpinning growth
The good news is that many economic fundamentals are still sound. The flipside of a tight labour market means rising wages and falling unemployment, which in turn helps to maintain consumer spending and puts a floor under economies.
In Germany, employment rates are expected to remain solid leading to strong wage growth. And in France, despite the political volatility, the positives of low inflation, tax cuts and rising incomes should also boost private consumption. In Spain, while consumption growth appears to be reaching its limit, business investment is exceeding expectations with leaders optimistic about Spain’s ongoing recovery.
Vassilis Kazas, managing partner, Grant Thornton Greece says: “When seeking new opportunities, many businesses feel paralysed by uncertainty. One useful exercise is to identify those ‘no-regret’ decisions you can make and undertake now regardless of the outcomes.”
There are three areas where leaders should focus their efforts to achieve and protect growth. The first is exploring new international opportunities; the second is using technology to manage change and disrupt business models; and the third is to concentrate efforts to address the talent gap.
Solution 1: Seek out new international opportunities
In H2, EU export expectations fell to 19% from 23% in Q2, the lowest level since Q4 2012.
No doubt this is linked to concern about a slowdown regionally and in other key markets, like China. But there are untapped riches in new markets around the world. With the exception of developed APAC countries, global export expectations are holding up well and European businesses need to identify where their offerings fits in.
Latin America and emerging Asia-Pacific (APAC) countries could prove popular destinations for European goods. Optimism among emerging APAC business leaders was at 57%, down from the previous quarter, but still holding up well. Meanwhile, optimism in Latin America rose to 46% in Q4 2018 from 23% in Q2 2018, bolstered by increasing business confidence in Brazil.
Danish food technology business SiccaDania is one fast-growing business rapidly expanding in Asia supplying its technology to food producers in the region. The business opened a Singapore office in 2017 and in December 2018 installed an instant coffee drying plant for leading coffee exporter Tin Nghia in Vietnam. For SiccaDania, Vietnam holds promise with 90 million consumers and an expanding food export market[iv].
UK restaurant chain Wagamama has also managed to thrive at a time when restaurants have suffered on British high streets. The restaurant chain’s presence has expanded internationally through a franchising model in 23 different countries across the Middle East, Europe and New Zealand. In Q3 2018/2019 its franchise turnover was up 14.2% on the same quarter in the previous year 2017/2018[v].
India may offer particular opportunities to European businesses with the IMF predicting growth of 7.5% in 2019[vi]. Beyond exporting goods and services, cross border M&A activity in India leapt in 2018, with overseas acquisitions dominated by Germany and France, according to the Grant Thornton Dealtracker 2018.
Paul McCann, global head of advisory at Grant Thornton International and partner, Grant Thornton Ireland, says: “M&A, joint ventures and partnerships are a good way to establish a foothold. The EU adopted a ‘Joint Communication’ in 2018, which sets out the EU’s strategic vision to strengthen its partnership with India. This is likely to result in a potential surge in M&A deals between India and Europe over the coming year.”
Recommendation: Look beyond the immediate and obvious markets to spur international trade. |
Solution 2: Use technology to manage uncertainty and seize opportunities
Technology is, of course, critical to businesses’ long-term success and ability to remain competitive. But it can also play a significant role in managing uncertainty – something that European businesses may have overlooked, given that their twelve-month technology investment expectations slipped to 31% in H2, after peaking at 46% in Q2.
Successful businesses are investing in cloud-based products and business intelligence solutions, such as enterprise resource planning (ERP), to help them respond better to changes within their markets.
Hubert Turaj, managing partner – digital consulting at EDISONDA, part of Grant Thornton Poland says: “Any digital transformation should start with measuring the data crucial for the company’s business operations. For big organisations, ERP systems can help collect and measure data across functions, creating more accurate and joined up reporting. This enables companies to be more self-aware and make better and quicker decisions.”
In other areas, technology will continue to disrupt and give businesses a competitive edge. App-based platforms, for example, are winning over urban consumers with lifestyles that prize choice and convenience.
Deliveroo, established in London in 2013, is a real start-up success. It now operates in more than 200 cities globally offering an enhanced choice to consumers, including restaurants that previously had no delivery capability. It has achieved this growth by rapidly leveraging existing providers and offering a single branded app platform and delivery rider network[vii].
Social media is also proving indispensable to brands entering new markets. Strong Roots is a fast-growing frozen vegetable brand that has expanded from Ireland to the UK via online retailers. Its strong social media presence combined with e-commerce was critical to establishing itself among a young UK demographic, tapping into the rising trend for plant-based foods and veganism. Strong Roots entered the US market in March this year[viii].
Recommendation: Look at ways in which technology can help you with short-term uncertainty. |
Solution 3: Attract and retain skills to build future growth
The labour market is tightening; and finding and keeping talent is a greater source of competitive advantage than ever. Companies need to start competing for employees in the same way as they do for customers.
Some economists view the skills shortage as a symptom of uncertainty, with companies deferring expenditure on larger projects, and hiring more people as a lower-risk solution instead.
Brexit also adds a significant dynamic, with the potential end to the free movement of people between the UK and the EU forcing many to make choices they haven’t had to make for decades. While a flight of EU labour from the UK may benefit other European countries, it will make hiring and managing British employees harder and more expensive.
Prof Dr Heike Wieland-Blöse, partner and member of the board at Warth & Klein Grant Thornton AG says: “Businesses need to invest in talent strategies and position themselves as an employer of choice. This should also include preparations for Brexit wherever possible considering the potential impact of changes.”
In the UK, for example, the immigration framework is still to be agreed, but employers can look at the way they currently engage non-EU workers to assess how practices might need to adapt and what the cost implications might be. They also need to determine what capacity they have to handle the administration.
ReGen Recycling based in Newry, Northern Ireland was founded in 2004 and now has a turnover above £20 million. After the EU referendum, the business was anxious about its reliance on non-UK nationals. So it invited an immigration expert to its plant to talk to staff about the process of applying for UK citizenship, and even pledged to pay for part of their application. As a result, the business has kept its impressive retention figures with employees staying at the firm for an average of seven years[ix].
Meanwhile, inclusivity and diversity are increasingly critical to attracting and retaining talent. “There is a war for talent across many sectors and an inclusive culture is necessary for attracting the best candidates” says Larissa Keijzer. “Businesses that openly demonstrate commitments to equality, best-in-class policies and practical employee engagement will succeed in the market.”
Technology can also help limit the impact of skills shortages. Automation and artificial intelligence are taking over many routine processes traditionally done by people, allowing them to focus on more valuable areas such as building client relationships.
Technology is mitigating the impact of skills shortages across most business functions – including finance, accounting, marketing – and is having a particular impact in the manufacturing sectors.
Technology that also enables teams to have more control over their time and work-life balance can only be attractive to employees.
Recommendation: Compete for employees with the same ferocity and creativity as for customers. |
Europe is experiencing profound change, but preparation and contingency planning can limit negative impacts. There is still growth in the economy, underpinned by rising wages and low inflation. Those businesses that successfully navigate uncertainty will be those keeping one eye on the risks and another on the key areas that drive growth.
Speak to a Grant Thornton advisor to discuss how you can protect and grow your business.
[i] Global Data, Feb 2019; [ii] European Commission, Feb 2019; [iii] Global Data, Feb 2019; [iv] European Commission, Oct 2018; [v] Wagamama Q3 2018-19 report; [vi] IMF World Econonomic Outlook, Jan 2019; [vii] Global Data, Mar 2018; [viii] Global Data, Feb 2019; [ix] InterTradeIreland