Get set for London 2012
Richard Holden, Head of Franchising at Lloyds TSB, urges franchises to make the most of the opportunities the London 2012 Olympic and Paralympic Games will present.
With less than a year to go to the London 2012 Olympic and Paralympic Games, businesses both in the capital and across the country should be preparing for what will be a welcome boost to the economy and a golden opportunity for a broad range of business sectors, including franchising.
The associated influx of tourism and worldwide media attention will open up a multitude of business opportunities.
It’s important that business owners are aware of the impact that the London 2012 Games will have on their companies.
There are a number of simple steps that franchises can take to maximise the benefits of the Games. As the official banking and insurance partner of the London 2012 Games, Lloyds Banking Group has compiled the Games Time Ready Guide to help businesses identify these steps in advance of what will be an once-in-a-lifetime event.
Who will be affected?
The impact of the London 2012 Games will extend far wider than London and the 34 competition venues. The Olympic flame arrives in Britain on the May 18 to begin the 70-day torch relay across the length and breadth of the UK. There are more than 600 training camps across the UK and there will be more than 20 Olympic Live sites in operation across the country when London 2012 begins, allowing people in urban areas to come together to watch news and events on big screens.
Olympic Torch Relay
It will make daily stops during its journey and at each of these venues plans are under way for concerts, entertainment and celebrations. This generates opportunities for local businesses to not just supply the events themselves but also service a large number of expected visitors at each venue. www.london2012.com/olympic-torch-relay
These sites provide facilities to assist athletes prepare and train. Local businesses will have the opportunity to provide logistics, accommodation, catering and other services for each country’s official representatives as well as their support teams, spectators and media. http://trainingcamps.london2012.com
Olympic Live Sites
The Live Sites are likely to attract large numbers of people, especially during the major events. www.london2012.com/live-sites
Planning and preparation
According to the 2011 Visa Economic Impact Report, there will be an additional £750 million consumer spend in the seven-week duration of the London 2012 Games and Paralympic Games, and franchises should plan how they can secure a share of this spend.
In addition to the boost that the London 2012 Games will bring next year, there will also be a continuing business legacy created by the CompeteFor website. This has been the major tool companies have used to tender for and win London 2012 related contracts, as well as being used by larger tier one contract winners to fill their supply chain needs. This facility will continue to be used by local authorities and suppliers after 2012, providing an established and reliable resource for businesses across the UK.
Capture the spirit
Channel your employees’ enthusiasm for the London 2012 Games to enhance office culture and staff morale within your franchise. There are a number of ways that businesses may wish to engage their workforce and allow them to fully embrace the Games. Find out what events your team would really like to watch. However, if you bring in a television to help your staff share in some of the events, make sure you have an appropriate television licence.
Learning from Vancouver
London 2012 will be a unique event, so the precise impact on franchises may be hard to predict. But companies in Vancouver, Canada went through something similar during the Vancouver 2010 Olympic and Paralympic Winter Games. Almost every business said that they should have started their preparation earlier.
For more information about how Lloyds TSB Commercial can support your franchise, throughout London 2012 and beyond, get in touch today.
A free copy of the Games Time Ready Guide can be downloaded by visiting www.lloydsbankcorporatemarkets.com/London-2012/Games-time-ready