Executive Summary
This report aims to convince the manager to change Mimic company’s headquarters to London. It is significant as the location of a company’s headquarters helps a business grow. In addition, London is defined as the home of business due to the various resources London has to offer to its business institutions. The informational report will give multiple reasons with credible evidence as to why London should be the company’s headquarters. Furthermore, the anticipated result of the information is that the manager would see it fit to make the company’s headquarters be in London.
Introduction
London is one of the greatest cities in the world that comes with many benefits, especially for those who choose to start their businesses or make the city the headquarters of their company. According to Jolly (2021), London is the powerhouse of firms due to its economic success. To further prove this, many international businesses have their headquarters in London. This paper will discuss London as a powerhouse of industry, giving quantitative data to support it, various issues that could develop when making London a business headquarters, and how such cases could be resolved.
Development I
There are various reasons why London should be made the company’s headquarters. Below are the causes and evidence to support the explanations. Firstly, London is the headquarters of many companies compared to other cities. For instance, Bosetti and Brown (2019) indicate that London hosts 55% of the 500 world’s largest companies as headquarters. This means that most influential companies have their headquarters in London. In addition, the two authors further indicate that London is the leader in attracting companies’ headquarters out of other global cities like Singapore, Dubai, Hongkong, Dublin, and Paris. Moreover, having many companies making London their headquarters also makes the population in London contain more experts that could help the business grow. It will also guarantee that the area includes incredible infrastructure and resources that could be used by this company, thus allowing the company to grow in the competitive market.
Aside from being the head of the world’s greatest companies, understanding how some industries work or grow in London is resourceful for the company. According to the UK government(2022), the bioscience industry business has gone by 3% from 2018 to 2021. Like the bioscience industry business, the tech industry businesses too as grown. Ismail (2018) indicates that the tech companies’ business has increased 2.3 times compared to other industries. It should be noted that if the two industries are doing well in London, the company will also excel. It is significant because the two industries help provide and sustain the resources that this company needs. Such resources include technology obtained from the tech industries and healthy employees attained through bioscience industries as they provide better health facilities for people.
Development II
Many global organizations overwhelmingly favor London as their headquarters base, and perhaps a reason why it should be considered for this company. They do so as London is the home for thousands of accounting businesses, it generates networking opportunities, one can access a variety of talents, and it is globally and well connected (Holmes,2022). The four reasons are vital for every business as they will determine how fast a business can grow and how a business can sustain itself, concepts this company needs. Furthermore, London has massively impacted various companies’ businesses. According to Whitehead et al. (2020), most companies gain a wide range of exposure by having their businesses in London, thus helping them establish a business in other areas or countries. For this reason, having a headquarter in London will positively impact a business as it will lead to high profits for the company. Though London is the best place to have it as a headquarters, it contains different issues that may need to be solved. An example of this is that the living conditions in London are high, thus could affect how the company runs. Secondly, the company would be faced with lots of competition compared to the competition it receives at the moment. Nevertheless, such challenges could be tackled to benefit the company.
Recommendation
The below recommendations could be used to tackle the above challenges:
- The company could find ways to boost and improve its products to meet its customers and attack competitors. The company can raise money to sustain itself in high living conditions by enhancing its services and products.
- Secondly, the company could find investors to help boost its finances to help them thrive in this new environment.
Conclusion
In conclusion, London is the best location to have as the company’s headquarters. It is because it offers cheap and quality labor, new business connection, and above all, provides room for business expansion. The challenges the location offers can further be used as motivation for the company to ensure it thrives. Hope this plea will be put into consideration.
Yours faithfully,
Sender’s Name.
Reference list
Bosetti, N. and Brown, J.,2019. Head Office: London’s rise and future as a corporate centre. [online] centreforlondon.org. https://centreforlondon.org/publication/head-office/
GOV.UK.,2022. Bioscience and health technology sector statistics 2021. [online] GOV.UK. https://www.gov.uk/government/statistics/bioscience-and-health-technology-sector-statistics-2021
Holmes, T.,2022. Four reasons why London is the ideal place to start a business. [online] South West Londoner. https://www.swlondoner.co.uk/life/02112022-four-reasons-why-london-is-the-ideal-place-to-start-a-business.
Ismail, N.,2018. Tech Nation 2018 report: UK tech ahead of the rest of the economy|Tech Nation 2018 report: UK tech ahead of the rest of the economy|Tech Nation 2018 report: UK tech ahead of the rest of the economy. [online] Information Age. https://www.information-age.com/tech-nation-2018-report-uk-tech-faster-economy-10325/.
Jolly, J.,2021. How the city became the UK’s powerhouse. [online] The Guardian. https://www.theguardian.com/business/2021/feb/13/how-the-city-became-the-uks-powerhouse.
Whitehead, R., Brown, R., Harding, C., Brown, J., Gariban, S. and Moonen, Dr.T.,2020. London at a crossroads. [online] centreforlondon.org. https://centreforlondon.org/publication/london-at-a-crossroads/ [Accessed 10 May 2023].
Wingham, M.,2016. London in comparison with other global cities. [online]. https://www.london.gov.uk/sites/default/files/cin48-international-comparisons.pdf.
Appendix
Table 1
Retrieved from: London at a crossroads. Centreforlondon.org. https://centreforlondon.org/publication/london-at-a-crossroads/
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