The word on the street

10/01/08

Welsh firm finds right catalyst for ongoing business success

A Nantgarw-based firm whose enzyme products are used by some of the world’s leading food companies is set to double its profitability within five years after putting its leadership and performance evaluation toolkit under the microscope.

Biotechnology venture Biocatalysts embarked on its new inward investment strategy after its owners realised that conventional business management methods and cost-benefit analyses were in fact preventing them from bringing about the level of innovation and results the company was aiming for.

This resulted in Managing Director Stuart West going in search of a solution which would not only allow the business to stand out from its competitors across the UK, but would also help to promote a good work/life balance within the organisation.

Mr West explains, ”As a chemist turned industrial bio-chemist I was well aware of how certain ‘elements’ or actions causes a reaction when brought into contact with one another and wanted to be able to apply this fundamental way of thinking to my leadership style.

“I then heard about Vistage International (UK) and found both myself and my way of thinking challenged to the maximum.”
Nearly six years on Mr West does not regret his decision one bit.
“Going from a period of facing tough trading conditions to one where 20 per cent year-on-year sales growth in the sectors you want to trade in is fantastic.”

Since Mr West joined Vistage, Biocatalysts has received a number of business and leadership awards including the Queen's Award for International Trade for high export sales in 2000-02, Parcelforce Worldwide's small business award for Wales and the 2004 Western Mail Business Awards trophy for the category Welsh Small Business of the Year.

The company which currently employs around 30 people is now poised to achieve a £10 million turnover by 2012.
Added Mr West, “In order to go forward successfully, you often have to stop and take stock not just of where you are and want to be, but how you are planning to get there.

“For us this meant re-evaluating the business and effectively shifting back a gear to ensure that we continue to focus on and add value to our customers.”

Commenting on its success Group Chair for Vistage in Wales and the South West, Iain Lindsay said, “Rather than offering off-the-shelf enzymes and enzyme products like its competitors, Biocatalysts chose to go for a tailor-made and very customer focussed approach which is now highly sought after across the globe.

“This approach did not happen overnight and involved much scrutiny of management tools and methods. However, it is really encouraging to witness firsthand just what can be achieved in business once you have identified the right drivers to get you on the road to where you want to be.”

The company is currently reviewing its business evaluation methods and plans to implement a basic financial framework known as Fiscal Focus with the help of Vistage which will enable Bicatalysts to focus its resources on those critical elements that will bring about better results within the organisation and improve its bottom line.

Mr West is also hopeful that by adopting this strategy, he will be encouraging a more team-led management approach which would finally enable him to have a better work/life balance. This includes going to the gym more regularly and spending quality time with family and friends.

About Vistage International (UK)

Vistage International and its global affiliates have more than 13,500 members in 15 countries, representing the world’s largest chief executive membership organisation based on revenue. Members meet in small groups every month under the same guiding principles – to help one another make better decisions, achieve better results for their businesses and enhance their lives and learning from hundreds of unmatched expert speakers. Vistage members are more successful than their competitors and, on average, grow their revenues at twice the percentage growth after joining Vistage.

 

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