How business compliance has contributed to Novacroft’s 50% financial growth over the past 3 years
A recent Centre for Economics and Business Research (Cebr) report found that economic growth “depends on companies being able to utilise the latest technological innovations and knowledge to improve productivity. Standards work by spreading technical knowledge and information, and by supporting the efficient functioning of companies and sectors.”*
Standards make sure that products and services are safe, reliable and of good quality. They are strategic tools for a business that reduce costs by minimising mistakes and waste, and increasing productivity. I’ve implemented many standards over the last twenty years and worked with a number of key stakeholders to improve business compliance and by all of these means.
Have I ever asked myself whether standards are truly worthwhile, whether having them truly makes a difference? Of course I have. My role is to question, to audit, to work leanly, to cut out waste, to scrutinise. And I have scrutinised the benefits that standards bring. My verdict? Standards are vital. Why?
Being certified against standards increases chances of winning business. During 2014 – 2015, Novacroft secured certification to three British and international standards (BS 11000, ISO/IEC 27001 and ISO 14001) in addition to the ISO 9001 already held. We’re also currently working towards ISO 22301. Alongside this, we’ve seen 50% financial growth over the past three years. This growth is just part of the real impact on society that standards enable, in terms of economic growth, business excellence and the employment to support all of this.
Research in 2015 by the Centre for Economics and Business Research (Cebr) has found that standards contribute £8.2 billion to the UK economy annually, equivalent to 28.4% of annual UK GDP.*
Compliance with standards improves reputation. More and more, clients expect certification. If companies aren’t certified then they’re at a disadvantage in their marketplace. Standards offer our clients even greater confidence in the consistency and quality of the standards we set ourselves across all our activities.
Working to recognised processes opens doors to potential different areas of business and underpins all of our activities. Last year we started working with the Royal British Legion, and our collaborative methods appealed to them from the outset, they wanted a partnership where both parties get value and transparency from the relationship, rather than the more traditional customer-supplier interactions.
Standards impact on the economy. The Cebr report found that standards boost UK productivity and improve performance, kick-start innovation, and support trade.
The path to certification naturally leads to a leaner business, with streamlined processes and a more consistent way of working throughout. Collaboration is key, and that skill is vital for any organisation. Certification teaches a business to mitigate risk more effectively, and makes it more nimble.
Novacroft is always looking for the best, to be the best, and to give our team the best. Standards give us the rigour and resilience to do that. For us, business compliance is business critical.
*The Economic Contribution of Standards to the UK Economy, Centre for Economics and Business Research (Cebr), June 2015