Economists see Recessions, Entrepreneurs just see a way forwards
At what point does GDP (Gross Domestic Product) figures have a direct bearing on your business and your customers, except to provide negative emotion, frothed up through popular press and news feeds, that dampen enthusiasm for buying and selling?
There is little doubt that there are current commercial pressures, brought about by global factors, but to an entrepreneur these are simply challenges, and possible significant opportunities for growth and profit.
The variables at play here are significant price inflation, fractured global supply chains, wage inflation pressures, and interest rates rising.
The opportunity is to get your business in the best shape possible, and then innovate to succeed.
I established my first business in 1990, a year of significant recession according to the economists and national press.
Inflation was around 9.5%, and interest rates were around 13%. Yet I managed to grow the start-up, my first ever business, from a bedroom and two people to over £6.5m turnover and 52 people, just four years later.
How did I do this? It was simple, I was young, and someone forgot to tell me what a recession was – so I carried on
Having not just survived several recessions over the last 30 years, but thrived, I wanted to share the three key priority areas that will support you, and support your businesses in the year ahead
BUT they will only be truly effective if you have already undertaken the 3 actions, or will do so in the next 4 months
So, what are the magical three things?
If the answer to any of the above three questions is “no”, then I recommend you take action now
Delay is the enemy of your business, and action is needed now to take your team forward quickly, protect the bottom line, and position to thrive in this current economic pressure cooker
I recommend that the three factors above become the subject of your next board meeting, and discussion be encouraged to develop responses and actions quickly.