Business Blog:
With 47% of UK businesses experiencing a loss in turnover during this year there is, quite rightly, pessimism concerning the future of a lot of UK businesses. Covid-19 has been a massive pressure on progression. However, Covid-19 has also forced a lot of businesses to look inwardly assessing processes, plans and changes. In there lies opportunity.
Not in a lifetime have small business’ budgets been gripped so tightly. But to support recovery the UK economy needs them to spend. A balance must be struck. And as the UK economy is not just financial numbers but also UK jobs, there is an additional requirement to balance how both businesses and consumers spend their income – Within the UK and UK based companies or via companies based in other countries who have expansive UK operations.
How to support UK business economy?
Simply put, by changing our buying habits, spending a higher percentage with UK independent retailers and UK based services. This will bolster the UK economy by investing in the UK. However, it’s easier said than done, not everyone has the ability to carry out their essentials shopping in independent high street stores, and not everyone has the time to carry out research. So it’s likely going to require a degree of encouragement and support.
Hopefully the government will invest in marketing surrounding ‘Buy British’ as they have done in past campaigns. With Brexit and a requirement on exportation of goods and services via trade deals, it makes a lot of sense to invest within the UK to develop the offering. However the UK business community can also support each other. We provide a 20% discount code on all our services to all those that get in touch. Other UK enterprises can do similarly to support small businesses whilst also networking and ensuring an income.
What support UK businesses are likely to need?
Sales is obviously the required outcome but due to changes in behaviour and the current Covid-19 related environment, this might not be readily available. Therefore an investment in future proofing the business seems the understandably appropriate strategy, whether that is via finance or additional areas like infrastructure, marketing or forecasting.
TOPTIP: A bit of time on your hands? Invest it into a social media platform. It’s free and you can build an audience of which to market to now or later. Not only will this support later marketing strategy it also provides you with the opportunity to be informed of news and relevant topics in your industry. Read a nice social media strategy guide here
Who supports UK businesses?
There is a vast amount of support and training available to UK businesses. Enterprises like Business West and Outset provide funded free support hours to businesses in the South West of England by signing up to their support programmes. Experts and consultants provide training and support. Reach out to relevant bodies in your area, usually your local LEP (Local Enterprise Partnership) will have details as well as curated information in regards to finance support opportunities.
Another good source for information on finance opportunities can also be found via the British Business Bank.
Compassion has played an important role in the current climate and waves of professionals and business communities who have had additional unexpected time have been proactively providing support via digital media. With home-working likely to remain a key feature moving forward this rather welcome tap of inspiration/wisdom/motivation/knowledge/insight will hopefully also be prevalent.
TOPTIP: Talk with your bank, they are usually highly trained networkers and talk to a whole manner of businesses so are a host of information. Help them do more for you.
The future?
Do not be mistaken, it is going to be a hard slog for the majority of UK businesses. We will require a lot of additional support, whether it is finance or guidance and training. However it is also all in our hands – both consumers and businesses can support UK businesses by spending a higher percentage of income within the UK. Buy British should be a campaign that we can all get behind, strength in numbers could dramatically increase awareness and potentially save numerous businesses.
For businesses looking for support there is a vast amount available and is often curated by regional LEP’s so ensure you find out who yours is and what is available for your business.
There are reasons to be optimistic, opportunities are available and the changes in social trends and behaviour favour those that keep trying and provide support to their community.
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