Welsh business owners who want to secure longevity with their enterprise have been told they should consider changing their firm to employee-ownership.
https://lockstock.biz/ this as a viable business opportunity, as it is the fastest growing form of business ownership in Britain.
Indeed, the sector surged by 60 per cent between 2010 and 2017, and the Employee Ownership Index has been 14 per cent higher than the FTSE All Share for ten out of 13 years, Wales247 reported.
Employee-ownership, which allows the company’s staff to share ownership interest in the firm, is also already worth £1 billion to the Welsh economy.
Last year, Welsh business Aardman Productions – which created Shaun the Sheep – became an employee-owned company.
Its co-founder David Sproxton was reported by the news provider as saying: “Employee-owned companies have been shown to be more successful than other more conventionally-structured companies.
He stated that transforming the business will help to “future-proof the creativity of the company and its team for decades to come”.
Employee-ownership businesses could prove to be more resilient to change, as their productivity is constantly increasing. Indeed, this rose by 7.3 per cent in 2018, while the UK economy remained broadly flat.
EO research also found that 41 per cent of people are more inclined to use an employee-owned business.
This advice could be another means to help secure the success of Welsh firms, while the government’s pledge to commit £26.2 million to entrepreneurs and start-up companies in the country will also boost its businesses.
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