UK Business Waking Up To Olympic Impact

The number of large UK businesses that have assessed the impact of London 2012 on their operations has dramatically increased, according to the latest ‘Games Readiness’ research from business advisory firm Deloitte.  

42% of the companies surveyed have already examined the opportunities and challenges facing their businesses as a result of the Games – just 15% of companies had done so when asked the question last summer.  

A further 53% of companies plan to carry out an assessment in time for the Games but have yet to start, while just 5% of companies surveyed believe there is no need for such an assessment, compared with 56% in 2010.

Heather Hancock, lead London 2012 partner at Deloitte, said: ‘UK businesses are waking up to the fact that if they want to capitalise on any business boost from the Games, as well as minimise disruption to their company, they need to prepare and be ready. With a little over a year to go, it is encouraging to find so many companies are taking the Games seriously’.  

‘However, there is much work to be done, and it is a concern that over half of large UK businesses have yet to formally assess the impact the Games could have on their operations. London 2012 is an immovable deadline and these companies must recognise that time is starting to run out’.

In addition to greater awareness of the need to prepare for London 2012, businesses are also showing a better understanding of the potential challenges they could face during Games time.  

37% of companies are worried about the risk of a security incident, compared with 5.5% last year, whilst 26% are concerned by a potential lack of resources such as hotels (7% last year).  

18% fear disruption to their supply chain (8% last year) and just 3% of businesses expect no disruption at all, a significant decrease on the 39% of businesses who felt this way just 12 months ago.  

Rick Cudworth, head of the Business Continuity & Resilience team at Deloitte, added: ‘Reality has hit home for UK businesses and they are now more aware of the potential for disruption during the six weeks of competition. That companies are more concerned by these issues is good news, not bad, because it means they can prepare’.
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The issue causing greatest concern to business is the potential unavailability of staff, with 43% of companies citing this as a major concern ahead of the Games.

Transport disruption is one possible cause of staff unavailability and businesses should use the Games as an opportunity to review and implement alternate site, flexible and home working practices where feasible.

This would be hugely beneficial to strengthening the long-term resilience of organisations, providing a legacy benefit from the Games, as well as helping reduce the strain on London’s transport system.  

Another possible cause is large numbers of staff taking holiday during the Games period. 21% of the senior executives who took part in our survey personally plan to take some time off work during the Games period – on average, they intend to take 7.5 days as holiday.