GLOBAL ENTERPRISE SURVEY REPORT 2009 PROVIDING A UNIQUE PICTURE OF THE OPPORTUNITIES AND CHALLENGES FACING BUSINESSES ACROSS THE GLOBE

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1 GLOBAL ENTERPRISE SURVEY REPORT 2009 PROVIDING A UNIQUE PICTURE OF THE OPPORTUNITIES AND CHALLENGES FACING BUSINESSES ACROSS THE GLOBE

2 WELCOME TO THE 2009 GLOBAL ENTERPRISE SURVEY REPORT The ICAEW annual Enterprise Survey, now in its 13th year, provides a unique picture of the opportunities and challenges facing businesses. It draws upon the expertise of our members working at the heart of business, including chief financial officers, finance directors and senior management in businesses of all sizes, from FTSE 100 companies to micro entities. For the second year, the survey includes responses from chartered accountants working in key global regions the EU, the Gulf (new in 2009), Asia and the US. While taking account of the nature of companies in the global regions employing chartered accountants which are typically larger than the UK companies surveyed and highly represented in the financial services sector, this survey allows us to make insightful global comparisons. The 2009 findings building on the 2008 survey, strengthen our understanding about the impacts of the global financial crisis and economic downturn. Across every global region surveyed in 2009, significantly more businesses report being negatively affected by the downturn compared to 2008 (excluding the Gulf which was not surveyed in 2008). The increased impact is particularly marked for the EU and US. However, between the regions, there are marked differences regarding the specific effects of the downturn, businesses attitudes to growth and the recognition of business opportunities. 2 Welcome Global Enterprise Survey Report 2009

3 In the global regions where we have comparable data from 2008, the majority of businesses have cut back growth plans. However, the majority of businesses surveyed across all regions are still planning for growth, with one in five planning growth of 11 or more. In addition, despite the economic downturn, businesses are still positive about globalisation and are developing their strategies for further globalisation over the next five years. Some of the barriers to international expansion reported in 2008 are less of a concern in 2009, with the notable exception of corruption. More can be done to address the remaining issues. Governments will need to consider how to support a return to global growth, including tackling current barriers to international business expansion. In the case of the EU, improvements to the taxation and regulatory environment for business are still needed. We believe that the detailed findings of this global survey will be of relevance to policy makers, governments and all those involved in international trade. Michael D M Izza Chief Executive Welcome 3

4 KEY FINDINGS... UK BUSINESSES are similar to those in the rest of the EU and the US in how they perceive the negative impact of the economic downturn on their business this year, but they are more likely to believe that they will still be adversely affected by changes in global commodity prices. are the least likely to recognise increased sales opportunities or increased opportunities to acquire businesses as effects of the downturn. have reduced their plans for turnover growth. Fewer UK businesses are planning turnover growth, and those which are have cut back on growth targets 66 plan growth (down from 85) and 39 plan growth of 6+ (59 in 2008). still see increasing profitability as their key business objective, but place less emphasis on this and more on increasing cash balances than in are less positive than others about the impact of continued globalisation on their markets (even those already globally engaged) and less likely than others to be looking to make acquisitions or placing business functions outside the UK. are the most likely to consider their home regulatory and taxation environment not to be business friendly. OTHER EU BUSINESSES show the biggest increase since 2008 in the proportion saying they have been negatively affected by the economic downturn (from 58 to 78). They are also the most likely to say that their business will be negatively impacted in 2009 by changes in consumer demand and changes in exchange rates. show particularly large increases since 2008 in the proportions reporting reduced revenue growth and reduced planned staffing levels as a result of the downturn. have cut back growth targets particularly sharply, only 35 now planning annual growth of 6+ over the next two years (from 67 in 2008). still see increasing profitability as their key business objective, but place less emphasis on this and more on increasing cash balances and paying down debt than in are more positive than in 2008 about the impact of continued globalisation on their markets, although fewer are looking to open up new markets. share with the UK a perception that their domestic regulatory and taxation environment is not business friendly, feeling particularly burdened by employment tax. 4 Key Findings Global Enterprise Survey Report 2009

5 ...AT A GLANCE US BUSINESSES have shown a particular increase in reporting the negative impact of the downturn on their organisation (63 to 81) and are more likely than those in other regions to say that it has led to reduced planned staffing levels. are still planning growth (80) although it is down from last year (91) and 52 are targeting growth of 6+ (down from 74 in 2008). still see increasing profitability as their key business objective, but place reduced emphasis on this and more on increasing rewards for shareholders and owners than in have a broader spread of international trading activities, and are the most likely to be providing higher value-added products / services (85), and to outsource business activities outside their own country (52). are more positive about the business-friendliness of their domestic regulatory and taxation environment than they were in 2008, although they are still the most likely to consider corporate governance requirements to be a hindrance to their operation and development. ASIA BUSINESSES have seen, as in other regions, an increased negative impact of the downturn on their business over the past year, although they have the lowest proportion of businesses negatively affected (68). More than in any other region, they also see increased sales opportunities coming from the downturn (36). predict an earlier end to the impact of the downturn, with nearly half not expecting it to affect their organisation for more than a year. have cut back growth expectations (59 still plan growth of 6+, down from 78 in 2008), but still see increasing profitability as their key business objective. are more likely than those in other regions to regard continued globalisation of markets as having a positive impact on their business (80). However, they see more serious barriers to their international expansion. are more likely than others to say that their business has been affected by recent exchange rate movements (affecting the global pattern of suppliers and international markets targeted). a substantial number would see the UK as an attractive location (40) if they were considering new investment in Europe. But potential investors are more deterred than those elsewhere by the prospects of a higher rate of income tax. regard their domestic regulatory and taxation environment as business-friendly (90) and are more likely to regard all aspects of regulation and taxation as a help rather than a hindrance to their operation and development. Key Findings 5

6 GULF BUSINESSES have been hard hit, as elsewhere, by the economic downturn, although less negatively affected than others by changes in consumer demand and global commodity prices. However, they are seeing increased borrowing costs. are the most positive in their growth expectations, with two-thirds planning annual turnover growth of 6+. have a slightly narrower spread of international trading activities or aspirations than most other regions. They see corruption as the greatest barrier to international expansion and are also the most likely to cite access to finance as a barrier. are similar to those in Asia in regarding their domestic regulatory and taxation environment as business friendly (87). represent the only region where increasing shareholder or owner rewards is the key business objective. 6 Key Findings Global Enterprise Survey Report 2009

7 CONTENTS EXECUTIVE SUMMARY 8 ECONOMIC ISSUES 12 Impact of economic downturn 12 Impact of economic events on businesses in GROWTH 20 Business growth 20 Business objectives 21 GLOBALISATION 23 Global engagement 23 The impact of globalisation 25 Strategy for global markets 26 Barriers to international expansion 27 Consideration of the UK for new investment 29 Other economic influences on global engagement 33 REGULATION 34 The regulatory and taxation environment 34 TECHNICAL APPENDIX 38 ACKNOWLEDGEMENTS 39 Contents 7

8 EXECUTIVE SUMMARY The Institute s annual UK Enterprise Survey has been supplemented this year, for the second time, by a parallel survey among members based in other key economic regions of the world. As in 2008, this year s survey covers members in other EU countries, the US and Asia (Hong Kong, Singapore and Malaysia) and, for the first time, members in the Gulf. The results provide another revealing and timely picture of how businesses around the world are responding to the full-scale global economic downturn, coming out of the credit crunch, and how it has affected their activities and aspirations. 1 Downturn in the global economy in the last 12 months The twelve months since the 2008 Enterprise Survey have seen the turbulence of the credit crunch turn into a synchronised worldwide downturn, which has spread wider and deeper than most would have predicted. The collapse of Lehman Brothers in September 2008 was perhaps the first major signal of the size and scope of the crisis. This was followed by a string of failures of prominent US and European banks and governments attempts to restore order and stabilise the financial system. The conditions that helped the increasing globalisation of markets that was so much a theme of earlier reports have contributed to the globalisation of the economic downturn. THE IMPACT OF THE GLOBAL DOWNTURN The economic downturn is being felt more strongly worldwide The consistency of impact on businesses in all five regions in our survey confirms that the impact of the economic downturn has been deeper and more wide -ranging than many might have foreseen at the time of the 2008 survey. More than two-thirds of businesses in every region and over three-quarters in all regions other than Asia now say that the unusual turbulence in global financial markets since late 2007 has had a negative effect on their organisation. The escalation of the economic downturn has reduced revenue growth for most businesses and made forward planning more difficult Not only has the proportion of businesses affected by the downturn increased sharply but also the effects have been felt more widely throughout all aspects of their operations. More than 80 of businesses impacted cited increased difficulty of planning ahead during times of such uncertainty and reduced revenue growth. 1 Note: Comparisons between the UK and other regions should be treated with a degree of caution. The UK data is weighted so as to represent the UK profile of businesses by value in the economy (Gross Value Added). Data from other regions represents a random sample of chartered accountants in business in those regions. It is likely to reflect the nature of companies in these regions employing chartered accountants typically larger than UK companies surveyed, highly represented in the financial services sector and more likely to have a global outlook. Where relevant, we have also shown the responses of UK businesses described as globally engaged as we feel that these are more likely to represent a comparable audience to those covered in other regions. 8 Executive Summary Global Enterprise Survey Report 2009

9 Many have responded by reducing investment and planned staffing levels Reduced revenue growth has clearly impacted on many businesses ability to finance their day-to-day operations and, with forward planning still difficult, their ability to invest in capital or in acquisitions. Perhaps the most dramatic impact this year, however, has been the increase in the proportion of businesses that have reduced planned staffing levels more than 60 in all five regions. The US and rest of the EU showed particular increases since 2008 in the proportion of businesses that have been negatively impacted by the downturn. In these two regions, this is reflected especially by a large increase in the proportions affected by reduced revenue growth and reporting a reduction in planned staffing levels. Most businesses in all five regions expect the turbulence in financial markets to impact negatively on their business in 2009 The turbulence in financial markets and changes in consumer demand are expected to adversely affect most businesses performance in In all five regions, more than two-thirds say that the turbulence in financial markets will have a negative impact overall on their business in 2009, and, with the exception of the Gulf, half say that changes in consumer demand will also have a negative effect during this period. However, fewer than in 2008 are forecasting a negative impact from changes in exchange rates or global commodity prices. Businesses expect another one to two years of effects from the downturn Most businesses expect the effects of the credit crunch/ downturn to be felt well into 2010 or 2011, if not later. Businesses in Asia are more optimistic for an early recovery nearly half anticipate recovery within a year, compared with fewer than one in three in the UK or US. Nearly a quarter of businesses in the UK and the rest of the EU see the effects lasting for more than two years. BUSINESS GROWTH PLANS Most businesses surveyed still planned to grow turnover in the next two years but growth expectations are lower and Europe lags behind other regions It is encouraging that, even against the background of a major global downturn, most businesses surveyed still planned to grow on average, nearly three-quarters said that their business objective was to grow turnover in the next two years, with more than one in four targeting growth of 11 or more a year. However, many businesses have moderated their growth plans. The proportion of respondents in the US and Asia who said they were planning any turnover growth has fallen from over 90 in 2008 to 80, and the proportion planning annual growth rates of 11 or more has fallen from around three-quarters to less than 60. In the UK and rest of the EU, the proportion planning any growth has fallen from over 80 to less than 70, and those planning growth rates of 11 or more has dropped from 60 or more to less than 40. Growth expectations in the Gulf, included for the first time this year, were more positive than in any other region. Increasing profitability remains the key business objective for those in all regions except the Gulf Increasing profitability remains the key business objective over the next two years for around 40 of businesses in Europe, the US and Asia. However, perhaps reflecting caution in the light of the downturn, fewer businesses in these regions nominate this as their key objective than did so last year. Businesses in Europe place more emphasis than in 2008 on increasing cash balances and in the US and Asia on increasing shareholder rewards. The latter is the key business objective for businesses in the Gulf. Executive Summary 9

10 GLOBALISATION In the four regions outside the UK, nearly all businesses represented in the survey are globally engaged In our survey of chartered accountants working outside the UK, over 90 of businesses in each of the four regions are globally engaged, contrasting with 64 of UK businesses. Three-quarters or more have operations or activities outside their home country, contrasting with 64 for globally-engaged businesses in the UK. This does not necessarily mean that UK businesses are falling behind their global competitors, but is more likely to reflect the nature of companies in these regions employing chartered accountants typically, larger businesses, highly represented in the financial services sector. Even in a deepening global downturn, businesses in all regions, especially in Asia, remain positive about the impact of continued globalisation on their markets Outside of the UK, two-thirds or more of businesses in each region believe that the continuing globalisation of markets will have a positive impact on their business over the next five years, with as many as 80 in Asia giving this response. UK businesses are less positive than their global peers, with fewer than 60 of globally-engaged businesses giving a positive response. Many businesses are still seeking to develop and enhance their product offering but there is more caution on new initiatives and investment Over the next five years, a majority of businesses in all regions are looking to enhance their product offering to compete more effectively in world markets, through the provision of higher value added products or services. On the other hand, in times of economic constraint and uncertainty, there are signs that businesses have become more cautious, with a tendency for fewer to look for new markets, seek acquisitions or place more business outside their home country. The main barriers to international expansion for companies in all regions are political, legal, regulatory and administrative The existence of effective legal systems, the political environment and administrative, regulatory or legal issues remain the principle barriers to international trade. Human resource issues are less of a barrier this year, reflecting greater caution over expansion, reduced planned staffing levels and the greater availability of suitably skilled staff. However, there is a tendency for corruption to be mentioned more frequently as a barrier, particularly by businesses in the Gulf and US. The UK is an attractive destination for new investment in Europe by overseas businesses For businesses outside Europe, the UK is an attractive centre for operations and activities. If they were considering new investment in Europe, around 40 of businesses in the US, Asia and Gulf and just over one in five of those in the rest of the EU said that they would consider locating it in the UK. Perception that the UK has a fair and transparent legal system a key concern in international expansion is one of the main reasons for considering the UK as a location for overseas investment. Other key factors include its well-served financial system and its fair and transparent competition policy. Those companies that would not consider the UK for new European investment most commonly cite the perceived higher market potential elsewhere and high UK operating costs relative to other countries. 10 Executive Summary Global Enterprise Survey Report 2009

11 Gulf and Asian businesses particularly cite the UK s taxation environment as deterring in-country operations, and the proposed 50 rate of income tax would prove to be a further deterrent to investment in the UK for many businesses in these two regions. Exchange rate movements and changes in raw material costs continue to affect the global footprint of businesses across all regions Both of these factors have affected many businesses global pattern of suppliers and the international markets they are targeting, particularly those based in Asia. REGULATION European businesses believe they are still struggling against a less business-friendly environment than their peers in the US, Asia and the Gulf Three-quarters of US businesses (up from two-thirds in 2008) and around 90 of those in Asia and the Gulf describe their home regulatory and taxation environments as business-friendly. This contrasts with around half of UK globally-engaged and other EU businesses, which may consequently find themselves disadvantaged on the global stage. Employment tax is the main hindrance to businesses in the UK, rest of EU and US This view is expressed by over 60 of UK and EU businesses and over 40 in the US, but, even in the US, this is twice the level seen in Asia. The other main hindrances in these three locations are employment legislation and business tax changes. UK businesses generally feel more over-burdened than those in other regions by domestic regulatory and taxation conditions, whereas those in Asia are more likely to see them as a help than a hindrance to their business development. Executive Summary 11

12 ECONOMIC ISSUES The 2008 Enterprise Survey demonstrated the significant impact that the early stages of the credit crunch had had on the performance and expectations of businesses worldwide. After the 2008 survey, in September 2008, Lehman Brothers collapsed and the credit crunch entered an acute phase marked by failures of prominent US and European banks, leading to rescue attempts by many governments to stabilise the global financial system. The 2009 Enterprise Survey considers the state of global businesses. In this first section, we look at how businesses in different regions have been affected by the credit crunch and subsequent downturn. IMPACT OF ECONOMIC DOWNTURN The economic downturn is being felt more strongly worldwide After the initial shock of the credit crunch in , the 2009 survey shows the impact of the subsequent global downturn to have been deeper and more wide -ranging than many might have foreseen this time last year. There is a remarkably similar picture across all five regions covered by our latest survey, with more than two-thirds of businesses in every region now saying that the economic downturn has had a negative effect on their organisation (see chart 1). The impact of the downturn is strongest in the UK, the rest of the EU, the US and the Gulf, with around 80 in each region reporting a negative effect. In Asia, although the majority do report a negative effect, there are slightly lower perceptions of this impact. Businesses confirmed that the negative impact of the global downturn has been felt more deeply and more widely in the past year in all four regions covered in last year s survey (the Gulf is included for the first time this year), there has been a sharp increase in negative responses, especially in the rest of the EU (78, up from 58). In Asia it is noteworthy that there are some quite big differences between the three main centres with one in three in Singapore reporting a very negative impact, compared with only 21 in Hong Kong and 9 in Malaysia. CHART 1 12 Economic Issues Global Enterprise Survey Report 2009

13 CHART 1: EFFECT OF THE ECONOMIC DOWNTURN BY REGION UK (1,000) 7 Other EU (101) US (100) Asia (280) Gulf (62) Positive Neutral / none Negative Globally-engaged UK businesses Showing change since 2008 (+/-) Base: All respondents The escalation of the economic downturn has reduced revenue growth for most businesses and made forward planning more difficult Not only has the proportion of businesses affected by the downturn increased sharply but also the effects have been felt more widely throughout all aspects of their operations (see chart 2). In the four regions covered in the 2008 and 2009 surveys, those businesses impacted (92 of all businesses, compared with 80 in 2008) were most likely to cite the impact as being increased difficulty of planning ahead during times of such uncertainty (up from 69 of businesses affected in 2008 to 86 in 2009) and reduced revenue growth (up from 63 to 81). Borrowing costs might be down but financing is still difficult and many have responded by reducing investment Although businesses may have seen an easing in both short- and long-term borrowing costs fewer in 2009 report increased borrowing costs reduced revenue growth has clearly further impacted many businesses ability to finance their day-to-day operations (44, up from 36). This is also reflected in reduced ability to invest in capital (53, up from 43) or in acquisitions (51, up from 43), even though a majority see more acquisition opportunities opening up (56, up from 41). Economic Issues 13

14 Planned staffing levels have also been cut Perhaps the most dramatic impact this year, however, has been the increase in the proportion of businesses with reduced planned staffing levels (69 on average, up from 40). The length and depth of the downturn is clearly now impacting more deeply on employment levels. The consequence of this is a large increase in the proportion seeing more staff available with the relevant skills (58, up from 29). For those able to capitalise on it, weakened competition may provide opportunities Businesses worldwide increasingly recognise that many of their peers are in the same situation as themselves a reflection of the widespread effect of the downturn. For those able to capitalise on it, this may open up opportunities to build their business towards recovery. CHART 2 CHART 2: EFFECTS OF DOWNTURN ON GLOBAL ORGANISATIONS (AVERAGE) VS 2008 More difficult to plan ahead Reduced revenue growth Weakened competitors Lower planned staff levels More staff with skills needed More opportunity for acquisition Less able to invest in capital Less able to finance acquisition Higher short-term borrowing cost Less able to finance operations Higher long-term borrowing cost More sales opportunities Base: All businesses affected by downturn: average across four regions covered in both 2008 and 2009 surveys Economic Issues Global Enterprise Survey Report 2009

15 The specific effects of the downturn are apparent in all regions with increased effects particularly reported by US and EU businesses Increased difficulty in planning ahead and reduced revenue growth are consistently among the top issues across all five regions covered in the 2009 survey cited by approximately 80 or more in each region (see chart 3). The US and rest of the EU showed particular increases in the proportion of businesses that have been negatively affected by the downturn. This is reflected particularly in a large increase in the proportions in these two regions affected by reduced revenue growth (US up from 64 to 86, and the rest of EU from 55 to 82). The knock -on effect of this is seen in their reduction in planned staffing levels: businesses in the US are more likely than others to cite this as an effect of the downturn (77, up from 47 last year), while the proportion in the rest of the EU citing this effect has more than doubled, from 31 to 72. Of the opportunities offered by the downturn, it is, as last year, businesses in Asia which are most likely to report increased sales opportunities. Although businesses in this region also feel most of the same pressures on their financing and investment, they are less likely than others to report a reduced ability to finance their day-to-day operations, so may have more opportunity to realise the sales opportunities offered. In contrast, businesses in the UK (both overall and those globally engaged) are the least likely to be recognising increased sales opportunities (15). Further, although they are the least likely to report a reduced ability to finance acquisition, they are also the least likely to recognise increased opportunities to acquire businesses. Chartered accountants in the Gulf, included for the first time this year, tend to have fairly similar experiences of the downturn to those in other regions of the world, although they are significantly more likely to report increased borrowing costs, both short and long term. CHART 3 Economic Issues 15

16 CHART 3: EFFECTS OF THE DOWNTURN ON ORGANISATIONS BY REGION Average all regions UK (940) (Global: 607) Other EU (93) US (91) Asia (253) Gulf (58) Increased difficulty of planning ahead (85) Reduced revenue growth (81) Weakened competitors (69) Reduced planned staffing levels (69) Increased availability of staff with skills required (54) Increased opportunities to acquire businesses (45) Reduced ability to invest in capital (54) Reduced ability to finance acquisition (47) Increased cost of short-term borrowing (43) Increased cost of long term borrowing (37) Reduced ability to finance day-to-day operations (45) Increased sales opportunities (15) Reduced cost of short-term borrowing (21) Reduced cost of long term borrowing (18) Base: All businesses affected by downturn. (Light orange shaded squares represent those significantly above average, darker grey significantly below average) The effects of the downturn are typically expected to continue for one to two years although those in Asia are more likely to predict an earlier recovery At the time of the 2008 survey, businesses worldwide that had been affected by the credit crunch generally anticipated that its impact would continue to affect their organisation for another one to two years ie, into the latter part of 2009 or One year on, and faced with a deeper downturn than many would have expected, its effects have been felt more widely and most of those affected still anticipate typically that it will continue for another one to two years ie, into the latter part of 2010 or 2011 (see chart 4). Very few expected to see an end during 2009 (5 on average, 10 in Asia), but some did suggest that its impact may only last into the middle of 2010 (ie, within a year of the survey). Those in Asia were far more 16 Economic Issues Global Enterprise Survey Report 2009

17 optimistic for an earlier end than those in other regions, with nearly half seeing the end of its effects within the next year. Optimism is also relatively high in the Gulf (40 see an end to the effects in the next year). In the UK and EU, although there has been an increase in the proportion that expects the downturn to affect their business for less than 12 months, overall optimism is generally lower than other regions, with more than one in five still anticipating the impact of the downturn to affect their organisation for more than two years. CHART 4 CHART 4: HOW LONG THE IMPACT OF THE DOWNTURN IS EXPECTED TO AFFECT ORGANISATIONS - BY REGION Up to one year One to two years More than two years Globally-engaged UK businesses Showing change since 2008 (+/-) UK (940) Other EU (93) US (91) Asia (253) Gulf (58) Base: All businesses affected by downturn IMPACT OF ECONOMIC EVENTS ON BUSINESSES IN 2009 Most businesses in all five regions expect the turbulence in financial markets to impact negatively on their business in 2009 A year on from the credit crunch, turbulence in financial markets continues to be a key focus the majority of businesses in all five regions (70+) expect it to have a negative impact overall on their business in 2009, and more than one in three on average (more than 40 in the US) say that this will be very negative (see chart 5). There is an increase in the proportion of respondents in the rest of the EU, the US and Asia predicting a negative impact on their business in 2009 compared with in Relatively few predict any positive effects this year. CHART 5 Economic Issues 17

18 CHART 5: PERCEIVED IMPACT OF TURBULENCE IN FINANCIAL MARKETS ON BUSINESS IN Significantly positive Marginally positive -30 Marginally negative -40 Significantly negative Showing changes in positive and negative percentages since Globally-engaged UK businesses UK (1,000) Other EU (101) US (100) Asia (280) Gulf (62) Base: All respondents Changes in consumer demand will still impact on businesses but fewer are forecasting a negative impact in 2009 from changes in exchange rates or global commodity prices In 2008, with the early stages of the credit crunch in evidence, respondents saw pressures on their business from many directions overall, half were predicting negative effects from changes in consumer demand and changes in global commodity prices and just over 40 from changes in exchange rates. In 2009, half of respondents remain pessimistic about changes in consumer demand, but the threat posed by global commodity prices and, to an extent, exchange rates has abated to some degree (see chart 6). Changing consumer demand has clearly continued to hit businesses worldwide, with respondents in the rest of the EU most likely to see this having a negative effect on their business in 2009 (58). However, those in the Gulf are significantly less likely to do so (39). Across all regions just over one in three on average (35) believe that they will be negatively affected in 2009 by changes in exchange rates. In 2009, those businesses in the rest of the EU are more pessimistic than other regions (and a little more pessimistic this year than they were in 2008) about the negative effects of this. 18 Economic Issues Global Enterprise Survey Report 2009

19 Fewer respondents this year feel that they will be negatively affected by changes in global commodity prices just over one in four do so (28 on average, down from 50 in 2008). Businesses in the UK feel they will be significantly more negatively affected than those in other regions. It is significant that the net (positive minus negative) figures among businesses in the Gulf are less negative/ more positive than for other regions on all three criteria, particularly changes in global commodity prices, perhaps reflecting the economies of that region. CHART 6 CHART 6: EFFECTS OF ECONOMIC EVENTS ON ORGANISATIONS BY REGION Average all regions UK (1,000) (Global: 635) Other EU (101) US (100) Asia (280) Gulf (62) Changes in consumer demand: Positive (17) Negative (52) Net ( ) (-35) Changes in exchange rates: Positive (22) Negative (41) Net ( ) (-19) Changes in global commodity prices: Positive (12) Negative (35) Net ( ) (-23) Base: All respondents (Light orange shaded squares represent those significantly above average, darker grey significantly below average) Economic Issues 19

20 GROWTH The 2008 Global Enterprise Survey showed that the credit crunch had done relatively little to impact on businesses plans for turnover growth. The 2009 Global Enterprise Survey looks at the effect that the extended worldwide downturn has had on growth targets and business objectives. BUSINESS GROWTH In spite of an evident economic downturn, most businesses surveyed still have plans to grow turnover in the next two years The previous section of this report has shown the extent, depth and impact of the global downturn on the performance of businesses in five key world regions. It is encouraging then that, even against this background, two-thirds or more of businesses surveyed indicated continued growth plans in the next two years, with more than one in four targeting growth in excess of 10 a year (see chart 7). but growth expectations are lower and Europe lags behind the other regions Even among those planning growth, expectations have generally fallen. The proportion of respondents in the US and Asia planning annual growth rates of 6+ has fallen from around three-quarters to less than 60, and in the UK and the rest of the EU, from 60 or more to less than 40. Those in the Gulf, included for the first time this year, were the most positive with 65 targeting growth of 6+. The average annual growth targeted by those businesses with plans to grow is as much as 15.9 in the Gulf and 13.8 in Asia. But it has fallen quite sharply in the US (14.3 to 10.9), the rest of the EU (14.7 to 11.8) and, to a lesser extent, the UK (12.4 to 11.2). CHART 7 With the impact of the economic downturn felt around the world, it is perhaps not surprising that many businesses have moderated their growth plans across the next two years, with many settling for no growth or, in some cases, downsizing (5 on average) during this uncertain period. Thus, in the regions covered in the 2008 survey, the proportion of respondents in the US and Asia who said they are planning any turnover growth has fallen from over 90 to 80, and in the UK and rest of the EU, from over 80 to less than Growth Global Enterprise Survey Report 2009

21 CHART 7: PLANNED ANNUAL TURNOVER GROWTH FOR THE NEXT TWO YEARS BY REGION Any growth Growth of 6+ Growth of UK (956) Other EU (99) US (99) Asia (268) Gulf (62) Growth of 30+ Avg. growth by those planning to grow t/o Globally-engaged UK businesses Showing change since 2008 (+/-) Base: All respondents BUSINESS OBJECTIVES Increasing profitability remains the key business objective for businesses in all regions except the Gulf Businesses globally are under significant financial pressures, both in their day-to-day operations and in their ability to make investments. Against this background, increasing profitability remains the key business objective over the next two years for around 40 of businesses in Europe, the US and Asia (see chart 8). The Gulf is an exception to this pattern, with fewer than one in four seeing this as their key objective more important to them is increasing rewards for shareholders or owners (44). Growth 21

22 but businesses in Europe place more emphasis than in 2008 on increasing cash balances and in the US and Asia on increasing shareholder rewards Perhaps reflecting caution in the light of the downturn, businesses in the four regions surveyed last year are a little less likely this year to nominate increasing profitability as their key objective, most notably in the US (41 compared with 55 last year). As a result, in the US, increased shareholder reward is almost as likely as increased profitability to be cited as a key objective over the next two years, and a similar pattern can be seen in Asia. In contrast, increased shareholder reward is mentioned with no greater frequency this year by those in the UK and the rest of the EU, where greater emphasis is placed on increasing cash balances and paying down debt (these two issues combined up from 20 to 27 in the UK, and 23 to 31 in the rest of the EU). This will enable businesses to increase liquidity and reduce borrowings in an environment where financing continues to be difficult and there is more caution for future prospects. CHART 8 CHART 8: KEY BUSINESS OBJECTIVE OVER THE NEXT TWO YEARS Increase profitability Increase shareholder reward Increase cash balances Pay down debt UK (1,000) Other EU (101) US (100) Invest in non-it equipment / staff Asia (280) Gulf (62) Base: All respondents Other objectives not shown: Improve IT systems (1-5 across all regions and Increase management rewards (1-3 across all regions) 22 Growth Global Enterprise Survey Report 2009

23 GLOBALISATION The economic downturn is now a full-scale global reality. This section looks at business activity in five economically significant regions the UK, the rest of the EU, Asia, US and the Gulf and their views on continuing globalisation. 2 GLOBAL ENGAGEMENT In the four main regions outside the UK, nearly all businesses represented in the survey are globally engaged In our survey of chartered accountants working outside the UK in major global regions, over 90 of businesses in each region are globally engaged, contrasting with 64 of UK businesses (see chart 9). This does not necessarily mean that UK businesses are falling behind their global competitors, but is more likely to reflect the nature of companies in these regions employing chartered accountants typically larger than UK companies surveyed, highly represented in the financial services sector, and, perhaps suggested by their employment of ACAs, more likely to have a global outlook. Global engagement is defined here slightly differently to the 2008 survey as businesses having operations or activities outside their home country or outsourcing business activities or business functions, selling to customers, making acquisitions or adapting products or services to countries outside their home country. Three-quarters or more of businesses in all regions outside the UK say that they have operations or activities outside their home country. In the UK, just over 40 of all businesses and 64 of globally-engaged businesses have operations / activities outside their home country, suggesting that even the UK globally-engaged businesses are behind their counterparts elsewhere in this respect. CHART 9 2 Note: The figures for regions outside the UK are based on a random sample of ICAEW members in those regions. The data for UK businesses as represented in this survey is weighted by value in the economy (Gross Value Added), and not representative of UK companies in numerical terms. In this section, therefore, we pay particular attention to comparisons with those UK companies that are considered globally engaged within the definition outlined here. Globalisation 23

24 CHART 9: GLOBAL ENGAGEMENT BY REGION Globally engaged 10 0 UK (1,000) UK global (635) Other EU (101) US (100) Asia (280) Gulf (62) Operations / activities abroad Base: All respondents US businesses have more international trading activities than other regions Looking at specific aspects of global trading activity, US businesses appear to have the widest global footprint, running slightly ahead of other regions on all dimensions, especially the outsourcing of business activities to companies in other countries (eg, manufacturing or component supply) 52 in the US, compared with less than one in three in any other region and producing higher value added products and services (85) (see chart 10). In contrast, those in the Gulf fall slightly behind Asia, the US and Europe on most activities, perhaps reflecting the nature of the sample they tend to represent newer and smaller businesses, with heavy representation of the Financial Services sector. Globally engaged businesses in the UK generally have a broad spread of international activities in line with those shown by their peers in other regions. However, they are less likely than their counterparts in other regions to be making acquisitions in other countries to enhance their market presence or placing a share of their business functions (eg, internal accountancy or sales order processing) in other countries. CHART Globalisation Global Enterprise Survey Report 2009

25 CHART 10: CURRENT INTERNATIONAL TRADING ACTIVITIES BY REGION Selling into other countries Higher value-added products / services Adapt products to foreign markets Acquisitions in other countries to enhance market presence Share of business functions in other countries Outsourcing activities in other countries UK All (1,000) UK Global (635) Other EU (101) US (100) Asia (280) Gulf (62) Base: All respondents THE IMPACT OF GLOBALISATION Businesses in all regions, especially in Asia, expect continued globalisation to have a positive impact, but UK businesses are less positive than global peers Outside the UK, two-thirds or more hold the view that continued globalisation will have a positive impact on their business (see chart 11). Those in Asia are the most positive evident across the region (Singapore, 86, Hong Kong 81 and Malaysia 70). This strong buoyancy in Asia is further evidenced by the percentage expecting continuing globalisation to have a strong positive impact (41 compared with fewer than 30 in other regions). Those in the rest of the EU (outside UK) show a particular increase in positivity since the 2008 survey (to 70 from 62). Relatively few anticipate that it will impact negatively on their business, the highest proportion being in the UK and the Gulf. Indeed, the proportion giving a negative response has fallen in all four of the regions covered in the 2008 survey. UK businesses appear less welcoming of increased globalisation than those in other regions, with little more than 40 positive (15 strongly positive). However, this is likely to reflect the different characteristics of the businesses represented. Over half of the globally engaged businesses in the UK are positive about the impact of globalisation, but not as positive as businesses in any other region. CHART 11 Globalisation 25

26 CHART 11: ANTICIPATED IMPACT OF GLOBALISATION BY REGION UK All (1,000) UK Global (635) Other EU (101) US (100) Positive Asia (280) Negative Gulf (62) Base: All respondents Showing changes in positive and negative percentages since 2008 STRATEGY FOR GLOBAL MARKETS Many businesses are still seeking to develop and enhance their product offering but other initiatives may be less rigorously pursued Over the next five years, balancing the constraints imposed by the downturn with the competitive opportunities afforded by increasing globalisation of markets, a majority of businesses in all regions are looking to enhance their product offering to compete more effectively in world markets. A majority say that they plan to increase or start the provision of higher value added products or services, and approximately half plan the adaptation of products or services to markets in other countries (see chart 12). If anything, there is some tendency for these strategies to be mentioned a little more frequently in 2009 than in 2008, particularly by US businesses ( higher value added up from 66 to 71, adaptation up from 47 to 52). More caution on new initiatives and investment Other key strategies include market expansion: approximately half plan to increase the number of countries we sell to and many plan acquisitions in other countries to enhance our market presence. However, in times of economic constraint and uncertainty, there are signs that businesses are more cautious with such ventures than they may have been in the past. In all four regions covered in last year s survey, a lower proportion of businesses this year say that they plan to increase the number of countries sold to (particularly the EU, down from 66 to 50). In addition, with the exception of the EU, there is a decline in those seeking acquisitions in other countries (notably Asian businesses, down from 51 to 42). A third element within the strategic mix is to move aspects of the business process offshore: some businesses still plan to increase the share of our business functions that take place in other countries eg, internal accountancy or sales order processing and the outsourcing of business activities, eg, 26 Globalisation Global Enterprise Survey Report 2009

27 manufacturing or component supply, to companies in other countries. However, again, exercising greater caution and looking to keep more functions close to home, fewer businesses suggest either of these strategies this year than in Those in the Gulf, included for the first time this year, are less likely than others to pursue these options. While globally-engaged UK businesses tend to parallel their global competitors in many of these actions, they lag behind others in respect of acquisitions and the share of business functions placed in other countries. CHART 12 CHART 12: PLANNED ACTIONS OVER THE NEXT FIVE YEARS Higher value-added products / services Number of countries sold to Adapt products to foreign markets Acquisitions in other countries to enhance market presence UK All (1,000) Share of business functions in other countries Outsourcing activities in other countries UK Global (635) Other EU (101) US (100) Asia (280) Gulf (62) Base: All respondents planning to increase or start BARRIERS TO INTERNATIONAL EXPANSION The main barriers to international expansion for companies in all regions are political, legal, regulatory and administrative As seen in 2008, businesses with operations or activities in other countries, or that have considered, are considering or are likely to consider them, cite the existence of effective legal systems regarding commercial agreements, the political environment and administrative, regulatory or legal issues as three of the strongest barriers to international expansion. Globalisation 27

28 Greater concerns over corruption but human resource issues are less of a barrier this year Concerns about corruption have increased, perhaps reflecting recent political and financial events, but also influenced by its prominence as the strongest perceived barrier in the Gulf (62). Human resource issues continue to be a key barrier to international expansion for some, but are mentioned with less frequency in this context this year. This is likely to reflect businesses greater caution over expansion and investment, their reduced planned staffing levels and the greater availability of suitably skilled staff: all effects of the downturn discussed elsewhere in this report. Although there is a fairly similar pattern across all regions, most of the barriers to international expansion are, as last year, accorded greater importance by businesses in Asia particularly in Malaysia whereas businesses in the UK are generally the least likely to perceive major barriers. CHART 13 CHART 13: MAIN BARRIERS TO INTERNATIONAL EXPANSION BY REGION CRITICAL OR STRONG BARRIERS Average all regions (change vs 2008) UK (510) Other EU (82) US (85) Asia (243) Gulf (50) Existence of effective legal systems 52 (+2) The political environment 49 (-1) Corruption 49 (+5) Administrative, regulatory or legal issues 48 (-1) Availability of local management 34 (-11) Skills of local workforce 34 (-6) Access to finance 30 (N/A) Information on markets, competition 29 (-6) Availability of internal resources 28 (-11) Local staff recruitment 27 (-11) Language issues 17 (-6) Cultural differences 16 (-8) Availability of credit insurance 13 (N/A) Base: All with / considering international operations / activities (Light blue shaded squares represent those significantly above average, darker grey significantly below average (based on average across scale)) 28 Globalisation Global Enterprise Survey Report 2009

29 CONSIDERATION OF THE UK FOR NEW INVESTMENT Many overseas businesses have a base of operations in the UK Many of the businesses in our international sample have operations in the UK, reflecting the importance of the UK within global markets for these businesses. 70 of US businesses, 48 of those from the rest of the EU, 43 of Asian businesses (especially from Singapore, 62) and 34 of those from the Gulf said that they currently have an operation in the UK. (We might expect some degree of UK-orientation in these businesses, given that they employ ACAs, most of whom gained their qualification in the UK.) The UK is an attractive destination for new investment in Europe by overseas businesses If they were considering new investment in Europe, around 40 of businesses in the US, Asia and the Gulf said that it is likely that they would locate it in the UK. Clearly, for businesses outside Europe, the UK is an attractive centre for operations and activities. Those already based in the rest of the EU are less likely to consider new investment in the UK, but one in five would still consider it. (see chart 14). CHART 14 CHART 14: LIKELIHOOD OF LOCATING NEW EUROPEAN INVESTMENT IN UK BY REGION Yes No 0 Other EU (101) US (100) Asia (280) Gulf (62) Don t know Base: All respondents Globalisation 29

30 The UK s legal and financial framework gives potential investors reassurance Perceptions that the UK has a fair and transparent legal system a key concern in international expansion is one of the main reasons for considering the UK as a location for overseas investment (cited by over 85 of potential investors in the UK in all four regions). Other factors of similar, high importance in considering the UK as a location for expansion are its well-served financial system (81, particularly among Asian businesses) and its fair and transparent competition policy (79) (see chart 15). Other principal advantages of investing in the UK include the language and its skills base. Approximately two-thirds commented on the UK s market potential for innovative products and the quality of the supply chain. Asian companies in particular view the UK as a good base for distribution into Europe. CHART 15 CHART 15: MAIN REASONS FOR CONSIDERING UK INVESTMENT BY REGION All regions (210) Other EU* (21) US* (44) Asia (121) Gulf* (24) Legal system is transparent and fair It is English-speaking which is an advantage for our business It has a good skills base Financial system well-served by many finance providers Competition policy is fair and transparent Market offers potential for innovative products / services Has a high quality supply chain Good base for distribution into Europe Good base for distribution into other global markets Taxation system offers incentives for in-country operations Base: All likely to consider UK for new investment * warning: low base sizes (<50) 30 Globalisation Global Enterprise Survey Report 2009

31 Greater market opportunities elsewhere and high operating costs are the main deterrents for considering investment in the UK Those companies that would not consider the UK for new European investment most commonly cite that they perceive other countries offer greater market opportunities (73) and that the UK market is already well served with their products or services (65). The other main deterrent is the perceived high operating costs relative to other countries (70) (see chart 16). Gulf and Asian businesses particularly cite the UK s taxation environment as a deterrent. CHART 16 CHART 16: MAIN REASONS FOR NOT CONSIDERING UK INVESTMENT BY REGION All regions (258) Other EU (69) US* (40) Asia (120) Gulf* (29) Other countries offer greater market opportunities Other countries are cheaper to operate in UK market already well served for our products / services UK taxation environment deters in-country operations UK regulatory environment deters in-country operations UK transport system is unsatisfactory UK skills base is inadequate Base: All not likely to consider UK for new investment * warning: low base sizes (<50) Globalisation 31

32 The proposed 50 rate of income tax would be a further deterrent to investment by Asian and Gulf businesses The 2009 UK Budget announced proposals for a higher rate tax of 50 on incomes over 150,000 pa, an increase from the current highest rate of income tax of 40. If implemented, this higher rate of tax would act as a deterrent to some businesses in all regions, most notably in Asia and the Gulf. CHART 17 CHART 17: WOULD 50 INCOME TAX MAKE THEM LESS LIKELY TO CONSIDER UK INVESTMENT? Yes 10 0 Other EU (32) 3 US (60) 9 Asia (160) 6 Gulf (33) No Don t know Base: All who would / might consider UK investment 32 Globalisation Global Enterprise Survey Report 2009

33 OTHER ECONOMIC INFLUENCES ON GLOBAL ENGAGEMENT Exchange rate movements and changes in raw material costs continue to affect the global footprint of businesses across all regions Many businesses in all regions claim that their global activities and plans have been affected by recent economic factors such as exchange rate movements and changes in raw material costs. Both of these factors have affected many businesses global pattern of suppliers and the international markets they are targeting (see chart 18). The impact of these factors is most notable in Asia where over half (54) of businesses say that exchange rate movements have had a significant effect on the international markets they are targeting and nearly half say it has similarly affected their global pattern of suppliers (47). More than one in three in this region say that changes in raw material costs have also had a significant effect on the same two aspects of their business. This may suggest that businesses in Asia are more vulnerable to such movements. The impact of these economic factors is considered a little less strong in other regions, although nearly 50 of businesses in the rest of the EU say that exchange rate movements have affected their targeting of markets and nearly 40 their global supply patterns. In general, the UK s globally-engaged businesses and businesses in the US appear less impacted than others. (The lower figures reported in the UK overall are likely to reflect the different nature of the businesses included in the survey.) CHART 18 CHART 18: IMPACT OF ECONOMIC FACTORS ON GLOBAL ACTIVITY Effect of exchange rate movements on: Global pattern of suppliers International markets targeted Effect of changes in raw material costs on: Global pattern of suppliers International markets targeted UK All (1,000) UK Global (635) Other EU (101) US (100) Asia (280) Gulf (62) Base: All respondents Based on score 3-5 on 0-5 scale of effect (0 = not at all, 5 = a great deal) Globalisation 33

34 REGULATION The 2008 survey suggested that attitudes to the domestic regulatory and taxation environment differed widely by region. We re-visit attitudes in this 2009 survey. THE REGULATORY AND TAXATION ENVIRONMENT European businesses believe they are still struggling against a less business-friendly environment than their peers in the US, Asia and the Gulf A supportive and nurturing business environment is vital to the well-being and growth of enterprise and, in this respect, businesses in Asia, as last year, and the Gulf believe that they are particularly well supported. The large majority in both regions (90 in Asia and 87 in the Gulf) describe their domestic regulatory and taxation environment as business-friendly and a majority (54 in Asia and 53 in the Gulf) as very business-friendly (see chart 19). Within Asia, although the large majority of businesses in all three main locations see their local regime as business-friendly, there are some differences in the degree to which they support this view as many as 80 in Singapore describe their regulatory and taxation environment as very business-friendly and 63 do so in Hong Kong, but only 9 in Malaysia (although 84 here still describe it as business-friendly). Businesses in the US are also positive about their domestic regime, and, notably more so than in 2008: more than three-quarters (78, up from 66 last year) describe it as business-friendly, including 30 seeing it as very business-friendly (up from 16). In contrast, businesses in Europe feel that they are less advantaged in an economically depressed and competitive commercial environment. Nevertheless, more than half (56) of businesses in the EU outside the UK consider their regulatory and taxation environment to be business-friendly, and this does represent some improvement in this respect since the 2008 survey (48). This leaves UK enterprise lagging with less than half (45) considering their regime to be business-friendly and this has not changed since the 2008 survey. Globally-engaged UK businesses are a little more positive than other UK businesses. They tend to be larger businesses, which are more positive regarding the UK regulatory and taxation environment, perhaps because their greater resources allow them to better prepare for and implement regulation. CHART Regulation Global Enterprise Survey Report 2009

35 CHART 19: HOW BUSINESS-FRIENDLY IS YOUR COUNTRY S REGULATORY AND TAXATION ENVIRONMENT? N/C Very UK All (1,000) UK Global (635) Other EU (101) US (100) Asia (280) Gulf (62) Fairly Not very Not at all Showing changes in positive and negative percentages Base: All respondents Don t know not shown Employment tax is the main hindrance to businesses in the UK, the rest of the EU and the US Businesses in the UK, the rest of the EU and the US see employment tax as the greatest regulation or taxation hindrance to their development and operation. This view is expressed by over 60 of UK and EU businesses and over 40 in the US, but, even in the US, this is twice the level seen in Asia. The other main hindrances in these three locations are employment legislation (especially in the UK and EU) and business tax changes (especially in the UK and the US). In both cases, a majority of UK businesses see them as a hindrance to their operation, while nearly as many say this of planning regulations (also something of an issue for US businesses). Health and safety regulation is a particular issue for UK businesses: this is the only one of the five regions where this is seen more as a hindrance than a help, and more than twice as many view it in this way. UK businesses feel particularly hindered by their regulatory and taxation environment In addition to the issues above, UK businesses have a more mixed response, but generally feel that they are hindered by other aspects of the regulatory and taxation regime. Around one in three say they feel hindered by environment law, financial reporting requirements and corporate governance requirements: in each case (and in respect of corporate social responsibility), around twice as many feel hindered as helped. In most cases too, UK businesses feel more hindered than those elsewhere. Regulation 35

36 US businesses hindered by corporate governance requirements Businesses in the US feel more hindered than those in any other location by corporate governance requirements: only in the US and the UK are these seen as more of a hindrance than a help to businesses development and operation. Nevertheless, considering the net score ( help minus hindrance ), there has been a positive shift in views on this over the past year from -32 to -14, as well as in views of employment legislation (-33 to -19) and financial reporting requirements (-30 to -13). This may give some indication of why there is a more positive attitude overall among US businesses towards the business-friendliness of their domestic corporate and regulatory environment. In the rest of the EU, where we also saw some positive change on business-friendliness, there have been particular positive shifts in respect of business tax changes (-27 to -14) and financial reporting requirements (-14 to 0). Asian businesses are consistently more positive about all aspects of regulation and taxation Businesses in Asia particularly in Singapore are more likely to be positive on all of the factors considered, reflecting their assessment of their national environment as being highly business-friendly. They see all of the aspects of regulation and taxation as more of a help than a hindrance. In particular, half of them describe business tax changes and corporate governance requirements as a help to the operation and development of their business, and at least 40 say this of employment legislation (45), financial reporting requirements (42) and health and safety regulation (40). In Asia, while views on some aspects of regulation and taxation are very similar to those shown last year, there has been a positive shift in perceptions of the effects of employment tax (a net score of +19, up from -5 in 2008), business tax changes (+33, up from +5) and environment law (+16, up from -3). CHART Regulation Global Enterprise Survey Report 2009

37 CHART 20: REGULATION AND TAXATION FACTORS SEEN AS A HELP OR A HINDRANCE BY REGION ( Help = major or some help; Hindrance = major or some hindrance) Average all regions UK (1,000) (Global: 635) Other EU (101) US (100) Asia (280) Gulf (62) Employment tax Help 16 4 (5) Hinder (59) Employment legislation Help (13) Hinder (57) Business tax changes Help 22 9 (10) Hinder (51) Planning regulations Help 15 5 (7) Hinder (38) Financial reporting requirements Help (16) Hinder (39) Corporate governance requirements Help (23) Hinder (33) Health & safety regulation Help (23) Hinder (44) Environment law Help (16) Hinder (34) CSR reporting requirements Help (17) Hinder (30) Base: All respondents (Pink shaded squares represent those significantly more positive than average, ie, higher help or lower hinder score. Darker grey significantly more negative than average, ie, lower help or higher hinder score.) Regulation 37

38 TECHNICAL APPENDIX The UK Enterprise Survey is now in its thirteenth year, but, with an increasing focus on globalisation of world markets, we extended it in 2008 to take a broader global view and included interviews with members in the rest of the EU, US and Asia. This year, with the credit crunch having turned into a full-scale global downturn, we take a further and geographically extended look at the issues that impact upon global businesses today, and comment on any regional differences and trends in: the impact of the economic downturn and other factors affecting global business activity; business growth, objectives and barriers; the impact of globalisation on business; and regulatory and taxation issues for business. Between 27 May and 3 July 2009, we conducted 1,000 telephone interviews with a cross-section of ICAEW members working within industry in the UK. Broad quotas were set to ensure sufficient response in key sub-cells by region, industry sector and size of business and the data was subsequently weighted by company size (number of employees), industry sector and region so as to represent the UK profile of businesses by value in the economy (Gross Value Added). A detailed report has been published: the UK Enterprise Survey Report 2009, to download a copy of this and other regional and international reports visit At the same time, we carried out the Global Enterprise Survey with ICAEW members working within business in selected key regions. 543 interviews were conducted: 101 in a spread of other EU countries, representing Belgium (5), Cyprus (11), Czech Republic (4), France (15), Germany (9), Greece (4), Hungary (5), Ireland (11), Italy (3), Luxembourg (3), Malta (2), the Netherlands (7), Poland (11), Portugal (2), Spain (8), Sweden (1): 40 (40) are SMEs (up to 250 employees), 61 in larger businesses. 100 in the US: 31 (31) are SMEs, 69 in larger businesses. 280 in Asia, comprising 103 in Hong Kong, 100 in Singapore and 77 in Malaysia: 98 (35) are SMEs, 182 in larger businesses. 62 in the Gulf, comprising 32 in Dubai and 30 elsewhere: 27 (44) are SMEs, 35 in larger businesses. The UK businesses sampled in our survey included a greater proportion of SMEs (small and medium-sized businesses) (47) (37 in globally-engaged UK businesses). The average UK business employed 1,611 people (globally-engaged 2,089), the rest of EU 2,402, the US 3,136, Asia 2,447 and Gulf 1,638. Comparisons should therefore be treated with some caution. NB Data based on sub-samples of less than 100 should be treated with caution. Please also note that due to rounding, when two individual percentages are added they may not add exactly. 38 Technical Appendix Global Enterprise Survey Report 2009

39 ACKNOWLEDGEMENTS DAVID BURTON ASSOCIATES The Enterprise Survey was managed by David Burton Associates (DBA), an independent market research consultancy. It brings an effective mix of personal service, a practical and pragmatic approach and a high level of professionalism to help clients meet their marketing needs. Its specialist focus is in the areas of corporate and stakeholder communication, business-tobusiness, financial and professional services and advertising/pr, in both UK and international markets. The company was established in 2004 by David Burton, who has more than 25 years board-level experience in UK research agencies, has worked regularly with the ICAEW and with leading accounting firms, and has managed a number of surveys in the Enterprise Survey series as well as other published surveys for the ICAEW and other clients. Telephone fieldwork was conducted by DBA s associate, Critical Research. ICAEW As a world-class professional accountancy body, The Institute of Chartered Accountants in England and Wales (ICAEW) provides leadership and practical support to over 132,000 members in more than 160 countries, working with governments, regulators and industry to maintain the highest standards. Our members provide financial knowledge and guidance based on the highest technical and ethical standards. They are trained to challenge people and organisations to think and act differently, to provide clarity and rigour, and so help create and sustain prosperity. The ICAEW ensures these skills are constantly developed, recognised and valued. Because of us, people can do business with confidence. Acknowledgements 39

40 For more information or to download a copy of the Global Enterprise Survey Report 2009 visit or T +44 (0) E enterprise@icaew.com OUR OFFICES UK Offices Chartered Accountants Hall Moorgate Place London EC2R 6EA, UK T +44 (0) F +44 (0) E information.centre@icaew.com Metropolitan House 321 Avebury Boulevard Milton Keynes MK9 2FZ, UK T +44 (0) F +44 (0) E informationcentre@icaew.com European Office 221 Rue de la Loi B-1040 Brussels Belgium T +32 (0) F +32 (0) E european.office@icaew.com China Office Room 706A Tower E1 Oriental Plaza No.1 East Chang An Avenue Dong Cheng District, Beijing China T or F E china@icaew.com 40 Hong Kong Office 27th Floor Wu Chung House 213 Queen s Road East Wanchai, Hong Kong T F E hongkongoffice@icaew.com Malaysia Office Level 2 Chulan Tower 3 Jalan Conlay Kuala Lumpur T +6 (03) F +6 (03) E malaysia@icaew.com South East Asia Regional Office 9 Temasek Boulevard #09-01 Suntec Tower Two Singapore T F E southeastasia@icaew.com To download a copy of the Global Enterprise Survey Report 2009 visit

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