The report by the Business Schools Task Force, set up by the Government in November 2011, has recognised there is a lot of good work already done, but has issued a call to action to help mid-sized companies more – firms described as the 'muscles' of the economy by business minister Michael Fallon.
The report sets out a number of practical steps to help improve how business schools and the 10,000 mid-sized companies in the UK work together to support growth, improve company management and develop courses that are attractive to local firms.
Recommendations from the report include:
* Business schools should actively target mid-sized firms, offering them taster sessions and tailoring their courses to the needs of their local mid-sized businesses.
* Mid-sized companies should work with their local business school to examine their management practices and look at how they could be improved.
* Business schools should promote careers in mid-sized companies to their students, and should encourage speakers from mid-sized firms to come and speak at their schools.
* Mid-sized businesses should be involved in the management and advisory boards of business schools to ensure that the voice of local firms is heard.
Speaking at the Institute of Directors annual dinner on Friday, business minister Michael Fallon said: "The UK's 10,000 mid-sized firms are the muscles powering our economy, but we must make sure that those muscles are trained and working at the top of their game. This report spells out the practical measures that must happen to make sure of success.
"Our firms will miss out if they do not invest in their people and see what their local business school has to offer. Companies and business schools should look closely at the report's recommendations so they can realise their growth potential."
Chair of the task force, Professor Sue Cox, said: "Our challenge as a task force was to advise on how our mid-sized businesses could become even more successful and, in so doing, could better engage with business schools in their local area.
"It was clear from the task force's research that there are some excellent examples of good practice in reaching out to mid-sized firms but, equally, that there is much that business schools and mid-sized firms can do in support of this mission."
Cox added: "Our report sets out practical and achievable steps to help make this happen, and I hope that companies and business schools from across the country take our findings on board."
