As the UK jumps from disaster to disaster, the expression out of the frying pan and into the wok springs into mind. From the tail end of a horrendous pandemic, to the tumultuous political landscape of three Prime Ministers in a matter of months, to the current situation of a potentially crippling recession.
If you’re in the world of business, things are unlikely to have been simple, even if you happen to have turned considerable profits consistently. That doesn’t come without its own complexities and tireless efforts. Not just your own, but those working within your company to ensure its continued success.
Now with a recession set to hit the UK, how can businesses weather this particular storm? Furthermore, how do we actually define a recession so that we know what kind of storm we are trying to weather?
What is a recession?
We hear the word recession and immediately assume the worst, and in many ways we are right to do so. It is defined as two consecutive quarters of negative economic growth, with countless potential causes – economic shocks or rapid changes in economic expectations being two examples.
The constant rise in prices and the stagnation of wages could also be a considerable factor. Despite all the factors at fault, however, it’s important to be prepared. The first part of ensuring your business is recession proof is to keep an eye on the news. Things can change on a sixpence, and keeping your finger on the pulse is an absolute must.
The key is looking at cutting down expenses as much as possible, ensuring that more money still comes in than leaves the business. Think about what parts of the business are truly necessary, cancelling any unnecessary subscriptions and any expensive purchases.
You might also think about doing a lot more online, managing teams remotely and using the cloud to your advantage. In doing so, you can sell to customers all over the world. There are plenty of countries in recession mode, but there are also those performing quite well. Internationalisation can help you overcome this particular domestic hurdle.
In making more of a transition to the remote working space to weather this particular economic storm, you might look to bolster your telecommunications. Ensuring that you have the tools to communicate effectively, as well as work as if you were in the same physical office space is crucial.
Your best bet in this regard is to unify your channels, ensuring the process of communication is as streamlined as possible. If you want to stop draining your resources on shoddy telecommunications, then click to find out more.
As well as being in control of your team, it’s important that you stay in control of yourself too. Be kind to yourself and don’t stress over things that you cannot control. You should also be brave enough to ask for help if needed – there are plenty of options out there within your budget range to help keep your business afloat. Weathering this storm will undoubtedly be tough, but ensuring the priorities are in place will lay the foundations for a recession-proof business. Remember the old adage that tough times don’t last, tough people do.