New report calls for business schools to 'flex muscle' in the economy
23 November 2012
Mid-sized companies and business schools are compromising growth by not working closer together, according to an independent report published today. The Business Schools Task Force, which produced the report, was chaired by Professor Sue Cox, Dean of Lancaster University Management School.
The Task Force was set up by the Government in November 2011 to report on options for improving access to appropriate courses and promoting links between mid-size businesses, business schools and students.
The report recognises that there is a lot of good work already being done, but issues a call to action saying that more must be done to help mid-sized companies – firms that have been described as the “muscles” of the economy, by Business Minister Michael Fallon.
Practical steps
The report sets out a number of practical steps to help improve how business schools and the 10,000 mid-sized companies in the UK work together to support growth, improve company management and develop courses that are attractive to local firms.
Recommendations from the report include:
- Business schools should actively target mid-sized firms, offering them taster sessions and tailoring their courses to the needs of their local mid-sized businesses.
- Mid-sized companies should work with their local business school to examine their management practices and look at how they could be improved.
- Business schools should promote careers in mid-sized companies to their students, and should encourage speakers from mid-sized firms to come and speak at their schools.
- Mid-sized businesses should be involved in the management and advisory boards of business schools to ensure that the voice of local firms is heard.
Growth potential
Speaking ahead of the Institute of Directors annual dinner, Business Minister Michael Fallon said:
“The UK’s 10,000 mid-sized firms are the muscles powering our economy, but we must make sure that those muscles are trained and working at the top of their game. This report spells out the practical measures that must happen to make sure of success.
“Our firms will miss out if they do not invest in their people and see what their local business school has to offer. Companies and business schools should look closely at the report’s recommendations so they can realise their growth potential.”
Professor Sue Cox said:
“Our challenge as a Task Force was to advise on how our mid-sized businesses could become even more successful and, in so doing, could better engage with business schools in their local area. It was clear from the Task Force's research that there are some excellent examples of good practice in reaching out to mid-sized firms but, equally, that there is much that business schools and mid-sized firms can do in support of this mission.”
Business school collaboration
The Task Force is made up of business school leaders and business representatives. It was set up to examine how business schools from across the country could support and improve the management of the 10,000 mid-sized firms in Britain. The report was commissioned by the Government as part of the mid-sized business growth review.
The report has been welcomed by the Confederation of British Industry, Association of Business Schools and Institute of Family Business, who have committed to work with the Task Force and the Government to help implement the recommendations.
Emma Wild, Head of Enterprise at the CBI, said:
“At the moment too many mid-sized businesses are unaware or unconvinced by business school collaboration, so the practical ideas in this report should help persuade them of the value of engagement – for example, the availability of ‘mini-MBAs’, a tailored version of executive programmes to support firms who may not have the time or financial resources for traditional MBA courses.”