Despite the economic gloom surrounding the UK at this moment in time, November saw an unexpected boost from the World Cup, though of course such luxuries can only boost the economy every four years or so. It transpires that tough times do still lay ahead for the British economy. So with more and more consumers tightening their respective belts, just how do businesses adapt?
Inflation remains stubbornly high, with interest rates also rising, alongside the cost of seemingly everything needed to survive in the UK. It’s a tough time, but things needn’t be as gloomy as forecasted. In fact there are many ways for your business to not only survive but thrive.
The perfect storm
The storm in question that happens to be hitting Britain economically right now is resultant of a great many factors – the soaring energy costs, the aftermath of COVID-19, the war in Ukraine, Brexit, and over a decade of austere economics, which has inevitably hit those at the bottom with even greater force.
It’s a lethal cocktail for which some other countries can also place the blame for some of their economic difficulties. Is thriving in a recession a case of cutting costs, or looking at things from another perspective? After all, if people cut back on the non-essentials, then that means many businesses will suffer, especially if deemed non-essential.
It could be a case of making sure you’re covered – for example, looking into ways that your business or company can hone in on the essential marketplace. Use the opportunity to make yourself recession-proof. Alternatively, market yourself as essential, even if your products aren’t on the same level as the likes of food, water, energy, and shelter.
A good strategy starts with a modern office
With a lot of offices badly in need of modernisation, taking this leap could help you become modern and recession-proof. Think about investing in a Serviced Office from BE Offices, which can help with countless matters regarding the comfort and productivity of your employees. This is something that can’t be underestimated when looking at ways to continue to thrive in a recession.
Careful management of employees is one of the keys to surviving and beyond. In tough times, you only have to look to the likes of Disney, which began in the wake of a Great Depression. You may not reach that level, but it should serve as good encouragement that a recession does not mean your business is necessarily guaranteed to be in peril as a result.
The most obvious way of weathering the storm is the cutting of unnecessary expenditure. There may be countless costs in your business that you could do without – some of which you may not even have been aware of. Think about taking a moment to take stock and weigh up what is needed, and what is surplus to requirements – at least for the time being.
Furthermore, you should look to focus on your existing customer base. Given the aforementioned statistics, consumers are less likely to spend on something they’ve never spent on before if they are looking to cut costs. Your loyal customers will be key in keeping your business sheltered from any negative impacts from the UK’s impending financial difficulties.