November 22, 2011
Almost a quarter of London-based small firms expect the Olympics to provide them with a revenue boost, research by Deloitte has found.
However, the professional services firm’s Entrepreneurship UK report also found that 55 per cent of London’s small firms believe the Games won’t impact them at all, while 4 per cent expected the Games to do them damage.
Research from Visa earlier this year predicted that the influx of tourists, athletes, sponsors and media organisations during the seven weeks of the Olympics would result in a boost of £750 million to consumer spending.
Commenting on the economic boost to the capital,Mayor of London Boris Johnson said: “I’ve no doubt that when we welcome the world to London during the summer of 2012, the capital’s first class attractions, shops, pubs and hotels will all see a massive boost as a direct result of The Games.”
The London Chamber of Commerce and Industry (LCCI) said that small firms must prepare now if they are to make the most of the Olympics, as well as minimise any disruption it may cause. “The Games should be an open goal for London, providing us with the chance to cement our reputation as the best city in the world,” said LCCI policy director Dr Helen Hill.
The Deloitte survey also found that small firms were concerned about transport issues and staff availability as a result of the Olympics. Hill said that the increase in traffic and the logistic restrictions of the Olympic Route Network (ORN) – a system designed to get athletes and officials to events on time – meant that small firms needed to plan ahead.
“The ORN will have a direct impact on some businesses and they must get to grips with the plans to ensure they can get their staff into work and their deliveries and services to their premises,” she said.